Indian multinational Sterling and Wilson Solar Limited, which has an 11.4 GW EPC portfolio globally, has announced its unaudited financial results for the quarter ended June 30, 2021.
In Q1 FY2022, the company’s revenue from operations stood at Rs 1,195 crore, a 12% growth over INR 1,068 crore in Q1FY2021. Revenue from operation and maintenance services, at INR 61 crore, constitutes 5.1% of the overall revenue in Q1FY22 compared to 5.9% in Q1FY21.
Due to the increase in module and commodity prices, adjusted gross margins in Q1FY22 continued to remain suppressed for ongoing projects. Adjusted gross margins stood at INR 28 crore.
In this fiscal year, the company has bagged 623 MW of projects amounting to INR 473 crore from the domestic market to date. This includes INR 221-crore order value in April-June and INR 252 crore June onwards.
The gross unexecuted order value across different geographies as of August 14, 2021, stood at INR 8,731 crore (before adjusting revenue post-June 30, 2021). This capacity is executable over the next 12 to 15 months. Most of this executable capacity is in Australia (38.1%) and the Americas (31.1%).
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 finalization 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.”
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