Sterling and Wilson Renewable plunges 5% as losses increase by 368% YoY

Shares of plunged over 8 per cent in Wednesday’s early trade after the company released its quarterly numbers for April-June 2022.

The company's losses increased by 368.285 per cent year-on-year (YoY) to Rs 355.99 crore in the quarter ended June 2022 as against Rs 76.02 crore in the same period last year.

However, revenue from operations fell to Rs 1,206 crore in Q1FY23 from Rs 1,194 crore on a yearly basis. Total income also fell to Rs 1,211.06 as against last year’s Rs 1,227 crore.

Total expenses increased for the quarter ended June to Rs 1,568.92 crore from Rs 1,313.94 crore on a YoY basis. The total comprehensive loss of the company as of June 2022 was at Rs 310.15 crore as against June 2021 of just Rs 6.41 crore.

Promoters held 78.56 per cent stake and FIIs and DIIs held 2.33 and 3.17 per cent stake, respectively in the company as of 31 March 2022.

The company is a midcap firm with a market cap of Rs 5,537.15 crore.