Sterling and Wilson posted a consolidated net loss of Rs76.02cr for the quarter ending June 2021 (Q1FY22) period compared to a profit of Rs17.22cr a year ago same period. Q1 PAT widened against a loss of Rs344.80cr in the preceding quarter.
The company's revenue from operations stood at Rs1,194.63cr in Q1FY22, higher from Rs1,067.90cr in Q1FY21 but lower from Rs1,364.54cr in Q4FY21.
The company witnessed an order inflow of 623 MW in FY22 till date amounting to Rs473cr from the domestic market.
Amit Jain, Global CEO, said, “The solar power industry is currently facing headwinds on account of increase in prices of solar modules, commodity prices and rise in freight costs. This has also led to major developers postponing the finalisation of their utility scale solar power projects. We expect the awarding of contracts to pick-up in Q3FY22. Most of our clients are looking at significant capacity additions and we remain confident of the opportunities going ahead. Our global presence enables us a lot of flexibility in selecting projects globally. Our unexecuted Order Book as on 14th August 2021 stands at Rs. 8,731 crore, which is executable over the period of next 12 to 15 months."
Jain added, "With carbon emission reduction becoming a global consensus, there are enormous opportunities in emerging fields of hybrid energy power plants, energy storage solutions and biomass/waste to energy. Thus, we have decided to enter these new lines of businesses by undertaking the EPC turnkey projects subject to shareholders approval. We can leverage our existing relationship with clients, further exploit our technical expertise and maximize the inherent benefits of our hub-and-spoke business model, thereby becoming a diversified renewables company into the rapidly growing ESG space.”
The company's Remuneration Committee at its meeting held on August 14, 2021, has approved the grant of 13,01,213 out of a total of 16,03,600 employee stock options as approved by the shareholders, to the eligible employees exercisable into not more than 13,01,213 equity shares of the face value of Rs1/- each fully paid-up of the Company at the exercise price of Rs238 per share.
At around 2.05 pm, Sterling and Wilson was trading at Rs 266.45 per piece down by 2.6% on Sense.