Updated April 21st, 2024 at 13:43 IST

Sterling & Wilson Renewable Energy Limited (SWREL) returns to profit, reports increased income

In an investor presentation, SWREL highlighted its unexecuted orders worth Rs 8,084 crore as of March 2024.

Reported by: Business Desk
Sterling & Wilson Renewable Energy Limited (SWREL) returns to profit, reports increased income | Image:Unsplash
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SWREL returns to profit: Sterling & Wilson Renewable Energy Limited (SWREL) has reported a net profit of Rs 1.40 crore for the quarter ended March 2024, compared to a net loss of Rs 421.11 crore in the same period last year. The company attributed this positive result to increased income.

For the full fiscal year 2024, SWREL reported a narrowed net loss of Rs 210.79 crore, a significant improvement from the Rs 1,174.96 crore loss recorded in FY23. This improvement was reflected in the fourth quarter as well, with total income rising to Rs 1,211.40 crore from Rs 86.36 crore a year ago. Similarly, for the entire fiscal year, income increased to Rs 3,120.79 crore from Rs 2,125.87 crore in the previous year.

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Expenses for the quarter rose to Rs 1,177.66 crore from Rs 503.88 crore in the same period last year, and for the full fiscal, expenses were at Rs 3,293.11 crore compared to Rs 2,304.61 crore in FY23.

In an investor presentation, SWREL highlighted its unexecuted orders worth Rs 8,084 crore as of March 2024, up from Rs 4,913 crore in March 2023. The company also secured new orders worth Rs 488 crore during the quarter, including being declared the lowest bidder for a second floating solar module project in India.

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Additionally, SWREL received its second international order in Q4 from Enfinity for a balance of systems project in Italy, amounting to 20 million euros. The company reported total orders/LOI in 13 projects worth Rs 6,023 crore in FY24, compared to a new order inflow of Rs 4,387 crore in FY23.

SWREL noted that its total net debt stood at Rs 116 crore in FY24, down from Rs 1,966 crore a year ago. The company's net working capital remained negative at Rs 585 crore, compared to Rs 445 crore in the previous financial year.

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(with PTI inputs)

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Published April 21st, 2024 at 13:43 IST