Consulting Services company Sterling and Wilson Renewable Energy announced Q4FY23 results: Key highlights for Q4FY23: The company reported the highest quarterly order inflows since Q1FY21. Company was declared L1 for BOS package of 1,500 MW DC at Khavda, Gujarat of NTPC in March 2023. Received two new contracts in India for Solar EPC from Serentica, and Sembcorp for projects located in Bikaner, Rajasthan and Pavagada, Karnataka respectively. Unexecuted EPC order book of Rs 4,913 crore as of March 31, 2023, with nearly 90% domestic EPC. Revenue decreased by 59.5% YoY in FY23 due to lower contributions from ongoing EPC projects. PAT loss during the quarter was Rs 421 crore. Gross margins remain suppressed, primarily on account of international EPC projects. Net debt of Rs 1,967 crore as of March 31, 2023. Result PDF
Heavy electrical equipment manufacturer Sterling and Wilson Renewable Energy announced Q3FY23 results: Q3FY23: Unexecuted EPC order book of Rs 2,703 crore as of January 18, 2023 with nearly 84% domestic EPC Revenue decreased by 51% YoY in 9MFY23 due to lower contributions from ongoing EPC projects. Revenue increased by 1.7% QoQ aided by higher contributions from O&M; segment Gross margins remain suppressed primarily on account of international EPC projects Net debt of Rs 1,374 crore as of Q3FY23 Advance and performance bank guarantees encashed by four customers amounting to Rs 588.5 crore of which Final settlement agreement signed with the customer for two projects and a sum of Rs 349.7 crore has been refunded. Consolidated PAT loss during the quarter has declined to Rs 99 crore versus Rs 299 crore in the previous quarter and Rs 429 crore last year Result PDF
Conference Call with Sterling and Wilson Renewable Energy Management and Analysts on Q2FY23 Performance and Outlook. Listen to the full earnings transcript.
Heavy Electric Equipment company Sterling and Wilson Renewable Energy announced Q2FY23 results: Revenue decreased by 38.9% YoY in 1HFY23 due to lower contributions from on-going EPC projects Net debt of Rs 885 crore as of 30 September 2022 The company has been awarded NTPC 1.6 GW order worth Rs 2,200 crore (including 3 years O&M;) The company recorded losses of Rs 299 crore Result PDF
Heavy Electrical Equipment firm Sterling and Wilson Renewable Energy Announced Q1FY23 Result : Revenue increased by 0.9% in 1QFY23 to Rs 1,206 crore Gross margins remain suppressed primarily on account of International EPC projects In the US, labor cost increased due to shortage of labor supply In Australia, labor cost/site overheads increased due to loss of productivity on account of unprecedented rain at site locations Translation losses increased due to adverse QoQ exchange rate movement Net debt of Rs 131 crore as of 30 June 2022 (0.22x Net D/E) Advance and performance bank guarantees encashed by four customers amounting to Rs 588.5 crore of which Final settlement agreement signed with customer for two projects and a sum of Rs 319.4 crore has been refunded The Company is in discussion with the other two customers (projects completed) No further impact on the results of the Company beyond 31 December 2021 on account of LDs and other matters in accordance with the Indemnity agreement. Result PDF
Gross margins for FY22 continue to remain impacted significantly primarily on account of increase in modules prices, liquidated damages and increase in overhead and subcontracting costs. Sterling and Wilson Renewable Energy announced Q4FY22 results: Revenue for FY22 increased by 2.3% to Rs 5,199 crore Gross margins for FY22 continue to remain impacted significantly primarily on account of increase in modules prices, liquidated damages and increase in overhead and subcontracting costs due to extension in project timelines because of COVID and module delivery delays Net debt free as at 31 Mar 2022 with net bank balances of Rs 73 crore Advance and performance bank guarantees encashed by four customers amounting to Rs 588 crore of which Final settlement agreement signed with customer for two projects. Encashed amount of Rs 176 crore has been refunded by the Customer in Jan 2022 and Rs 144 crore towards another project expected by end of April 2022 The Company is in discussion with the other two customers (projects virtually completed) and is confident of a mutually acceptable settlement in the coming quarters No further impact on the results of the Company beyond 31 December 2021 on account of LDs and other matters in accordance with the Indemnity agreement. Result PDF
Conference Call with Sterling and Wilson Renewable Energy Management and Analysts on Q3FY22 Performance and Outlook. Listen to the full earnings transcript.
Sterling and Wilson Renewable Energy declares Q3FY22 result: Revenue for 9mFY22 increased by 11% to Rs 4,128 crore Gross margins impacted significantly primarily on account of increase in modules prices and accounting for liquidated damages cost based on settlement done/ under discussion Net debt free as at 31 Dec 2021 with net bank balances of Rs 578 crore Advance and performance bank guarantees encashed by four customers amounting to Rs 588 crore (including Rs 184 cr BG encashed in Dec 2021) of which Final settlement agreement signed with customer and encashed amount of Rs 176 crore has been refunded by the Customer in Jan 2022. Similar settlement agreement is in discussion with another customer of the same group on another project (84% completed) and is expected to be concluded in the near future The Company is in advanced stage of discussion with other two customers (projects virtually completed) and is confident of recovering the amount in the coming quarters No further impact on the results of the Company beyond 31 December 2021 on account of LDs and other matters in accordance with the Indemnity agreement (Refer note 10 of 9m results) O&M; constitutes 4.2% of revenue in 9MFY22 Gross margins impacted in 9MFY22 due to continued increase in prices of modules, commodities, freight and related execution costs coupled with liquidated damages settled / under discussion Normalized gross margins for Q3FY22 would have been 0.7% after eliminating the impact of increase in module and related cost (Rs 147 crore) and liquidated damages cost (Rs 158 crore) based on settlements already done/ under discussion. Further, the normalized margins for 9M continue to remain lower on the account of the carry forward impacts of items which had affected FY21 Accelerated MTM represents loss on account of cancellation and rebooking of forward contracts on expiry relating to ongoing projects which resulted in accelerated accounting of losses (Refer note 12 of 9M results). The same has been flushed out from effective portion of cash flow hedge of OCI resulting in negligible impact on Shareholder's fund There will be no further impact on the results of the Company beyond 31 December 2021 on settlement of liquidated damages pertaining to certain past and existing projects (as on the date of signing the transaction documents with RNEL), old receivables, direct and indirect tax litigations as well as certain legal and regulatory matters in accordance with the Indemnity agreement (Refer note 10 of 9m results) Result PDF
Conference Call with Sterling and Wilson Solar Management and Analysts on Q2FY22 Performance and Outlook. Listen to the full earnings transcript.
Highlights: Reliance Group to acquire 40% stake in SWSL via a combination of Primary Investment, Secondary Purchase and Open Offer. Cash infusion of Rs 1,100 crore into the Company. Inter-Corporate Deposits along with Interest accrued thereon fully repaid as of 30th September 2021 Signed first order of Rs. 1,500 crore for our Waste-to-Energy business Gross Unexecuted Order Value stood at Rs 6,730 crore Revenue in H1FY22 grew by 9.5% to Rs 2,633 crore. Our Waste-to-Energy business received its first order of 19.6 MW worth ~ INR 1,500 crore from a leading developer of energy assets in the UK and Europe which is to be executed over a period of next 3 years which will help to manage a consistent revenue stream year-on-year. Commenting on the results, Mr. Amit Jain, Global CEO, Sterling and Wilson Solar Limited said, “SWSL will immensely benefit from Reliance Group’s integrated new energy vision which will further strengthen our position as a leading EPC and O&M; player globally. 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. 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 globally”. Result PDF