Sterling and Wilson Renewable Energy revenue up 51% YoY


Sterling and Wilson Renewable Energy Ltd (SWREL), an Indian multinational renewable EPC provider, has reported consolidate revenue of INR 3,035 crore (around $364 million) in FY 2024, 51% up from INR 2,015 in FY 2023. The company stated that its revenue grew significantly both year-on-year and sequentially due to execution pace picking up in the domestic projects in the fourth quarter.

The company turned 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,” stated SWREL.

The company’s unexecuted order value grew substantially to INR 8,084 crore as of March 2024, 64% up compared to INR 4,913 crore as of March 2023. Orders for projects worth INR 6,023 crore were received in FY 2024 against new order inflow of INR 4,387 crore in FY 2023.

Amit Jain, global CEO, Sterling and Wilson Renewable Energy, said, “We have overcome several challenges in FY24 and SWREL is in a much better place than earlier. The company delivered a robust financial performance which includes positive gross margins throughout the year and positive EBITDA for the year. Q4 results were also profitable. Our future growth prospects look promising based on our strong unexecuted order book and business fundamentals continuing to improve. The company’s balance sheet has become more resilient through debt reduction, thereby solidifying our stakeholder’s confidence.”

Sterling and Wilson Renewable Energy offers design, detailed engineering, procurement, construction, installation, commissioning and operations & maintenance (O&M) services under turnkey EPC and BoS (Balance of System) solutions for utility-scale, rooftop and floating solar power projects. It also offers solar-plus-storage solutions. The company has an EPC portfolio of 18 GWp and O&M portfolio of 7.6 GWp.

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