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