Sterling and Wilson Renewable Energy Secures ₹550+ Crore Order for Major PV Plant in Rajasthan

On August 11, 2024, Sterling and Wilson Renewable Energy Limited (SWREL), a top renewable EPC company in India, announced that it had secured a significant contract to handle the engineering, design, testing, and commissioning of a 400 MW AC / 633 MW DC solar PV plant in Rajasthan. The project also includes supply and construction work for a 33/220 kV switchyard at the plant site. The contract’s total value, including taxes, is around ₹550 crore.

Speaking on the order win, Mr Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group, said, “We are thrilled to receive another large domestic order from a leading private renewable IPP in India. The Indian market continues to grow rapidly, and as an established home-grown EPC player, we are geared to target this high growth.”

“With this order win, SWREL has now achieved around ₹900 crore of domestic order inflows in the second quarter of FY25. This is in addition to the order inflow of ~₹2,170 crore seen in the first quarter, and we remain confident of further augmenting this order momentum due to a strong domestic bid pipeline being in place”, he further added.

Financial Highlights

Sterling and Wilson Renewable Energy Ltd reported a net profit of ₹4.83 crore for the June quarter. This is a turnaround from the net loss of ₹95.32 crore in the same quarter last year. The company’s total income increased to ₹927.89 crore, up from ₹522.35 crore a year ago. Expenses for the quarter were ₹913.23 crore, compared to ₹617.68 crore in the previous year.

Sterling and Wilson saw a 77% rise in revenue for the quarter, reaching ₹915 crore, up from ₹515 crore in the same period last year.

About Sterling and Wilson Renewable Energy Limited

Sterling and Wilson Renewable Energy Limited (SWREL) is a global leader in providing comprehensive renewable energy solutions. Specialising in engineering, procurement, and construction (EPC) for large-scale solar projects, floating solar, and hybrid energy storage solutions, SWREL has a robust portfolio of over 19.4 GWp of projects, including those completed and under construction.

On August 12, 2024, Sterling and Wilson Renewable Energy Limited’s share price opened at ₹686.00, touching the day’s low at ₹669.05, as of 9:30 AM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.