Sterling and Wilson Solar reports Rs 284 cr loss for September quarter

Sterling and Wilson Solar (SWSL) on Saturday reported a consolidated net loss of Rs 284.35 crore for September quarter 2021-22. The company had logged a consolidated net profit of Rs 15.09 crore in the year-ago period, a BSE filing stated.

Total income rose to Rs 1,469.74 crore in the quarter as against to Rs 1,375.94 crore in the same period a year ago.

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"Our unexecuted order book as on November 13, 2021 (before adjusting for revenue post 30th September 2021) stands at Rs 6,730 crore. The company's revenue from operations for H1FY22 (April-September) stood at Rs 2,633 crore," the company said in a statement.

However, the profitability continues to remain impacted due to challenging environment across the entire solar industry value chain, it added.

SWSL, with its engineering talent, deep domain knowledge, global presence, and experience of executing some of the most complex projects globally, will be a strategic partner in Reliance Group's solar value chain, Amit Jain, Global CEO, SWSL said.

The solar industry continued to face headwinds over the last year due to an unprecedented increase in the prices of modules and commodities along with the freight cost.

"Though these factors have impacted the short-term outlook, the long-term outlook continues to remain robust due to global thrust on clean energy and significant solar capacity additions planned by IPPs (independent power producers) globally," he added.

In October 2021, Reliance New Energy Solar Ltd (RNESL), a wholly-owned subsidiary of Reliance Industries Ltd (RIL) executed definitive agreements with the promoters of the company to acquire 40 per cent stake in SWSL via a combination of primary investment, secondary purchase and open offer.

This deal would entail a cash inflow of Rs 1,100 crore into SWSL from preferential issue to RNESL, thereby strengthening the balance sheet and further improving the financial profile of the company, the company stated.