Shares of Sterling and Wilson Renewable Energy slumped 7.5 percent on April 21 after dismal earnings put up by the company for the quarter ended March.
At 9:52am, shares of the company were trading 7.1 percent lower at Rs 284.75 on the BSE.
The company's consolidated revenue tanked 92 percent on-year at Rs 88.43 crore, while its net loss more than doubled to Rs 421.11 crore. Revenue took a hit because of cost increase on account of certain provisions made, which impacted the percentage-of-completion and led to a revenue reversal in ongoing engineering, procurement and construction (EPC) projects, the company said in its investor presentation.
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On the contrary, in Q4 of FY23, Sterling and Wilson Renewable Energy reported the highest quarterly order inflows since Q1 of FY21.
Sterling and Wilson Renewable Energy offers design, detailed engineering, procurement, construction, installation, commissioning and operations and maintenance services under turnkey EPC and Balance of System solutions for utility-scale, rooftop and floating solar power projects. It also offers solar plus storage solutions.
The company targets to achieve significant debt reduction by Q4 of FY24 on the back of receivables recovery, indemnity inflows, and negative working capital. Its net debt stood at Rs 1,967 crore as of March 31, 2023.
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