Sterling & Wilson Marks Complete Turnaround In Q3 Fy24 With Profits

Rays Power Announces Closure Of Rs 127cr Fund Raise

Publicly listed renewable energy company Sterling & Wilson has released its financial results for the Fourth Quarter (Q4) and FY24. The annual and quarterly results were shared by the firm with the Bombay Stock Exchange (BSE) in its public disclosure. The company reported a net profit of Rs 1.40 crore in Q4 of FY24.  

The strong recovery in financial performance was marked with the company turning EBITDA positive at INR 54 crore in FY24 backed by robust growth recorded in the Domestic EPC business. There was a strong rebound in financials both sequentially and YoY, with significant strengthening of FY24 balance sheet and a net debt reduction by over 90% that well positions the company to secure a larger portion of industry growth. The company attained substantial growth of 64% in its unexecuted order value in FY24, reiterating trust from its clients and the market.

The consolidated financial results for Q4 and FY24 said that the renewable energy company increased its total income in FY24 and also reduced its losses. The company reported around 47% increase in its total income in FY24. The firm reported a total income of Rs 2,125.87 crore by the end of FY23, while it reported a total income of Rs 3,120.79 crore by the end of FY24. 

On a quarterly basis, the company saw a major jump. While it had reported a total income of only Rs 86.36 in Q4 of FY23, it touched upto Rs 1,211.40 crore in the Q4 of FY24, showing an increase of 1300%. On a yearly basis, Sterling & Wilson’s total expenses saw a decline. While the Indian renewable EPC company reported a total expense of Rs 3,304.61 crore by the end of FY23, it came down to Rs 3,293.11 crore in FY24. 

Its total losses after tax were reduced from Rs 1,174.96 crore in FY23 to Rs 210.79 crore, reporting a total reduction of losses by upto 82%. 

The company was also able to reduce its quarterly losses with lesser expenses and higher incomes. While the company reported a total loss after tax at Rs 421.11 crore in the Q4 of FY23, it reported a total profit of Rs 1.40 crore in the Q4 of FY24.

the recovering numbers at the Reliance backed firm are still a far cry from the peak of Rs 8240 crores topline it achieved in Fy2019. Subsequent to that, the pandemic, and subsequently, sudden rise in module costs hurt the firm very badly on major overseas contracts, leading to severe write downs and losses on projects. After staying in the range of Rs 5500 crores to Rs 5200 crores over the next three years, the firm went for a major clean up of its books in Fy 23, leading to revenues sliding all the way down to Rs 2015 crores in Fy23. Now, it will look to regain the glory days yet again on the back of a surging market, including a strong domestic market, and of course, future projects from the Reliance group itself.