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NSE Aug 16, 2022 13:19 PM
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Rapid Results Alerts

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.


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