Sterling and Wilson Renewable Energy bags orders worth Rs 826 crore
The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat. The company said the new projects will create hundreds of construction jobs, thus benefiting the local community.
- Aug 3, 2023,
- Updated Aug 3, 2023 6:04 PM IST
Renewable solution provider Sterling and Wilson Renewable Energy Ltd (SWRE) has said that it has won contracts worth Rs 826 crore ($100 million) in the first four months of FY 2023-24.
The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat. The projects will create hundreds of construction jobs, thus benefiting the local community.
The company, in which RIL subsidiary, Reliance New Energy, has a 40 per cent stake, said the scope of work for all projects include design, construction and commissioning.
“All orders clocked in these four months are from our recurring partners and is a testament of our expertise in the industry. Our partnerships hold immense value for us, and we are grateful for their continued trust and confidence in us,” said Amit Jain - Global CEO, Sterling and Wilson Renewable Energy Group.
“Over the past decade, we have been a dominant player in the domestic market and are poised to delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world and look forward to spearheading the journey with continuous growth and innovation”, he added.
Sterling and Wilson Renewable Energy Group is an end-to-end renewable engineering, procurement and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of over 15 GWp, including projects commissioned and under various stages of construction.
SWRE also manages an operation and maintenance (O&M) portfolio of 6.4 GWp solar power projects, including for projects constructed by third parties. It has presence in 29 countries, including India, South-east Asia, Middle East, Africa, Europe, Australia and the Americas.
The company, which became a part of Reliance Industries in 2022, plans to add 2 GW capacity in battery storage and green hydrogen every year in India.
In July, the company 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.
The company ended the June quarter with a net debt of Rs 2,100 crore, which it expects to reduce substantially from receivables and cash flows.
Its order book was at Rs 4,902 crore at the end of June, while the company said it is expecting to get orders of 4-5 GW from India this year.
In the June quarter, the company got orders worth Rs 466 crore, including a 1500 MW contract with NTPC.
Besides, the company has an order pipeline of 22GW, of which India’s contribution would be close to 60 per cent. Of this, more than half is expected from public sector companies such as NTPC, NHPC and Coal India.
On Thursday, shares of Sterling and Wilson Renewable Energy closed at Rs 383.55, up 1.02 per cent, on the BSE.
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Renewable solution provider Sterling and Wilson Renewable Energy Ltd (SWRE) has said that it has won contracts worth Rs 826 crore ($100 million) in the first four months of FY 2023-24.
The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat. The projects will create hundreds of construction jobs, thus benefiting the local community.
The company, in which RIL subsidiary, Reliance New Energy, has a 40 per cent stake, said the scope of work for all projects include design, construction and commissioning.
“All orders clocked in these four months are from our recurring partners and is a testament of our expertise in the industry. Our partnerships hold immense value for us, and we are grateful for their continued trust and confidence in us,” said Amit Jain - Global CEO, Sterling and Wilson Renewable Energy Group.
“Over the past decade, we have been a dominant player in the domestic market and are poised to delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world and look forward to spearheading the journey with continuous growth and innovation”, he added.
Sterling and Wilson Renewable Energy Group is an end-to-end renewable engineering, procurement and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of over 15 GWp, including projects commissioned and under various stages of construction.
SWRE also manages an operation and maintenance (O&M) portfolio of 6.4 GWp solar power projects, including for projects constructed by third parties. It has presence in 29 countries, including India, South-east Asia, Middle East, Africa, Europe, Australia and the Americas.
The company, which became a part of Reliance Industries in 2022, plans to add 2 GW capacity in battery storage and green hydrogen every year in India.
In July, the company 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.
The company ended the June quarter with a net debt of Rs 2,100 crore, which it expects to reduce substantially from receivables and cash flows.
Its order book was at Rs 4,902 crore at the end of June, while the company said it is expecting to get orders of 4-5 GW from India this year.
In the June quarter, the company got orders worth Rs 466 crore, including a 1500 MW contract with NTPC.
Besides, the company has an order pipeline of 22GW, of which India’s contribution would be close to 60 per cent. Of this, more than half is expected from public sector companies such as NTPC, NHPC and Coal India.
On Thursday, shares of Sterling and Wilson Renewable Energy closed at Rs 383.55, up 1.02 per cent, on the BSE.
Also read: Bharti Airtel Q1 results: Net profit nearly flat at Rs 1,613 cr; ARPU rises to Rs 200
Also read: Zomato Q1 results: Food delivery platform turns profitable for the first time, revenue rises 70%