Shares of this leading global provider of end-to-end solar engineering, procurement, and construction (EPC) solutions rose nearly 3 percent to Rs.699.8 per share after securing Rs.512 crore in solar EPC construction orders.
Price Movement
In Tuesday’s trading session, Sterling & Wilson Renewable Energy Limited’s share price reached an intraday high of Rs.699.8 per share, up 2.5 percent from its previous closing price of Rs.685.35 apiece. The share has since retreated and is currently trading at Rs.675.15 each.
What is the news
Sterling and Wilson Renewable Energy Limited, a leading domestic renewable EPC, has announced the receipt of two new domestic orders from private IPPs (Independent Power Producers) valued at around Rs.512 crore.
The company has been awarded an order for the engineering, procurement, and construction of a 200 MW AC / 250 MWp DC solar PV plant for a project in Gujarat, India, along with a letter of award for a 50 MW AC / 65 MWp DC PV plant in Maharashtra, India.
Both orders were received from repeat clients, reinforcing the company’s strong execution credentials.
Management Commentary
Speaking on the order wins, Mr. Amit Jain, Global CEO, of Sterling and Wilson Renewable Energy Group shared, “We are very happy to bag two more prestigious domestic solar projects from leading Private IPPs and these project wins showcase our strong positioning in a fast-growing market. In the current year, out of the 6 major domestic orders received, 5 are from our existing clients showing the confidence customers have reposed in us to be a part of their growth in the domestic renewable market.“
Order Book
As of June 2024, the unexecuted order value is approximately Rs.9,396 crore, an increase from Rs.8,084 crore in March 2024.
During the quarter, the company secured new orders and letters of intent (LOI) in three domestic projects worth about Rs.1,016 crore, along with two turnkey international orders from South Africa totaling around $140 million.
Additionally, a pilot project for Solar plus Battery Energy Storage System (BESS) has begun for Reliance Industries in Jamnagar, Gujarat.
Shareholding Pattern
According to the June 2024 shareholding pattern, the promoters of Sterling & Wilson Renewable Energy Limited hold 52.95 percent of the shares, with Reliance New Energy
Limited owning a 32.53 percent stake as a promoter. Foreign Institutional Investors hold 10.07 percent, while Domestic Institutional Investors and Retail Investors hold stakes of 9.08 percent and 27.95 percent, respectively.
Financial Performance
In its recent financial update for the quarter ending June 2024, Sterling & Wilson Renewable Energy Limited reported revenue from operations of Rs.915.06 crore, reflecting a 78 percent incline from Rs.514.96 crore in Q1 FY24. Net Profits also improved to Rs.4.83 crore from a net loss of Rs.95.32 crore in the same period.
Company Overview
Sterling & Wilson Renewable Energy Limited is a leading global provider of engineering, procurement, and construction (EPC) solutions for solar power projects, operating in 28 countries. The company aims to play a significant role in the renewable energy transition by leveraging its extensive industry expertise and strong relationships with stakeholders.
Written by – Siddesh S Raskar
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