Sterling and Wilson Renewable Energy reports Q4 PAT at ₹1.4 crore, achieves net debt reduction by over 90%
Upstox
2 min read • Updated: April 22, 2024, 1:11 PM
Summary
SWREL said it turned earnings before interest, tax, depreciation and amortisation (EBITDA) positive at ₹54 crore in FY24 backed by robust growth recorded in the domestic EPC business. There was a strong rebound in financials both sequentially and y-o-y, with significant strengthening of FY24 balance sheet and a net debt reduction by over 90% that well positions the company to secure a larger portion of industry growth, it said in an exchange filing.
Shares of Sterling and Wilson Renewable Energy (SWREL) were trading 0.17% lower on Monday after the company announced its fourth quarter and fiscal year 2024 (FY24) results.
SWREL reported a 13x year-over-year (y-o-y) increase in its operating revenue at ₹1,178.01 crore during the fourth quarter. The company reported a net profit of ₹1.4 crore during the fourth quarter as compared to a net loss of ₹421.11 crore.
The company provides engineering, procurement and construction (EPC) services for utility-scale solar, floating solar and hybrid and energy storage solutions and has a total portfolio of over 18 gigawatts peak (GWp), including projects commissioned and under various stages of construction. SWREL also manages an operation and maintenance portfolio of 7.6 GWp solar power projects, including for projects constructed by third parties, according to the firm.
SWREL said it turned earnings before interest, tax, depreciation and amortisation (EBITDA) positive at ₹54 crore in FY24 backed by robust growth recorded in the domestic EPC business. There was a strong rebound in financials both sequentially and y-o-y, with significant strengthening of FY24 balance sheet and a net debt reduction by over 90% that well positions the company to secure a larger portion of industry growth, it said in an exchange filing. The company attained substantial growth of 64% in its unexecuted order value in FY24, it added.
Amit Jain, Global CEO, Sterling and Wilson Renewable Energy said the company’s future growth prospects look promising based on its unexecuted order book and business fundamentals continuing to improve. “The market opportunity for renewable EPC players like ours is continuing to grow significantly both in India and internationally, and we are well aligned to capture the growth,” he said.
Shares of the company have risen over 25% since the beginning of the year. The stock has gained nearly 83% in the last one year.