24 Jul 2023
Sterling and Wilson Renewable Energy expects to be profitable in the ongoing financial year based on a healthy order book and an expected $1-billion worth of projects. The company last reported a profit in FY20.
It expects to bag a substantial portion of Reliance Industries’ roll-out of 100GW of solar projects by 2030, the management told analysts in a conference call. The company was equipped to handle the large amount of work expected from the RIL group, they said.
The company, in which RIL subsidiary, Reliance New Energy, has a 40 per cent stake, reported a lower loss of Rs 95 crore in the June quarter, compared to Rs 356 crore a year ago. Revenue fell to Rs 515 crore, from Rs 1,206 crore a year ago.
Gross margin was at 11.3 per cent in the reporting quarter, compared to a negative 14.9 per cent a year ago. Global CEO, Amit Jain, said core operations had turned around, with margins in the domestic EPC (engineering, procurement, construction) business improving. The unexecuted order book would help it sustain margins going forward, while margins in the international business were also improving. The order book was at Rs 4,902 crore at the end of June, while it expects to get orders of 4-5 GW from India this year.
Sterling and Wilson Renewable Energy expects to be profitable in the ongoing financial year based on a healthy order book and an expected $1-billion worth of projects. The company last reported a profit in FY20.
It expects to bag a substantial portion of Reliance Industries’ roll-out of 100GW of solar projects by 2030, the management told analysts in a conference call. The company was equipped to handle the large amount of work expected from the RIL group, they said.
The company, in which RIL subsidiary, Reliance New Energy, has a 40 per cent stake, reported a lower loss of Rs 95 crore in the June quarter, compared to Rs 356 crore a year ago. Revenue fell to Rs 515 crore, from Rs 1,206 crore a year ago.
Gross margin was at 11.3 per cent in the reporting quarter, compared to a negative 14.9 per cent a year ago. Global CEO, Amit Jain, said core operations had turned around, with margins in the domestic EPC (engineering, procurement, construction) business improving. The unexecuted order book would help it sustain margins going forward, while margins in the international business were also improving. The order book was at Rs 4,902 crore at the end of June, while it expects to get orders of 4-5 GW from India this year.
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