Sterling and Wilson Solar Q1 Revenue Grew by 12% to Rs 1,195 Cr

Sterling and Wilson Solar’s revenue in Q1 FY22 grew by 12 per cent to Rs 1,195 crore and adjusted gross margins stood at Rs 28 crore.

Gross margins were impacted in Q1FY22 due to continued increase in module, commodities and freight price impacting the overall gross margins of ongoing projects.

There have been order inflows of 623 MW in FY22 till date amounting to 473 crore from domestic market.

In accordance with Sterling and Wilson Solar Limited Employee Stock Option Plan, the Nomination and Remuneration Committee at its meeting held on August 14, 2021, has approved the grant of 13,01,213 out of total 16,03,600 employee stock options as approved by the shareholders, to the eligible employees exercisable into not more than 13,01,213 equity shares of face value of Rs 1 each fully paid-up of the company at the exercise price of Rs 238 per share.

Commenting on the results, Amit Jain, Global CEO, said, “the solar power industry is currently facing headwinds on account of increase in prices of solar modules, commodity prices and rise in freight costs. This has also led to major developers postponing the finalisation of their utility scale solar power projects. We expect the awarding of contracts to pick-up in Q3FY22. Most of our clients are looking at significant capacity additions and we remain confident of the opportunities going ahead. Our global presence enables us a lot of flexibility in selecting projects globally.  Our unexecuted Order Book as on 14th August 2021 stands at Rs 8,731 crore, which is executable over the period of next 12 to 15 months.

With carbon emission reduction becoming a global consensus, there are enormous opportunities in emerging fields of hybrid energy power plants, energy storage solutions and biomass / waste to energy. Thus, we have decided to enter these new lines of businesses by undertaking the EPC turnkey projects subject to shareholders approval. We can leverage our existing relationship with clients, further exploit our technical expertise and maximize the inherent benefits of our hub-and-spoke business model, thereby becoming a diversified renewables company into the rapidly growing ESG space.