Sterling and Wilson Solar reports slight fall in Q1 revenue at Rs 1,068 crore
Sep 16, 2020
Mumbai (Maharashtra) [India], Sep 16 : Shapoorji Pallonji group company Sterling and Wilson Solar Ltd on Wednesday reported revenue from operations at Rs 1,068 crore in the quarter ended June as compared to Rs 1,245 crore in the same period of last year.
The profit after tax stood at Rs 17 crore in Q1 FY21 as against Rs 46 crore in Q1 FY20.
The company said the fall in revenue was primarily due to COVID-19 disruptions in most markets. While solar installations in India continue to be impacted, most global markets that it operates in have started to come back to pre-COVID levels.
This is reflected in the increased order inflows in key global markets like Australia and the United States. Earlier this month, Sterling and Wilson won a Rs 1,600 crore project to install two large-scale solar projects in Australia with an installed capacity of over 300 megawatts.
"The construction activities have recently started at majority of our project sites and we are now operating at efficiencies of 80 to 85 per cent, which will be gradually getting ramped up to 100 per cent in due course," said Bikesh Ogra, Director and Global Chief Executive Officer.
"We are, therefore, confident that H2 FY21 will transform overall financial outlook for the year, leading to an anticipated revenue growth over the last financial year."
In the past five-and-a-half month, the company has signed contracts worth Rs 5,696 crore.
"Over the past few years, the European market has grown substantially and has excellent growth potential. We are considerably reinforcing our management teams in Spain, which will help us cater to this highly potential market as well," said Ogra.
