Sterling & Wilson Renewable Energy Limited (SWREL) has posted a net profit of ₹1.40 crore during the quarter ended March 2024 on account of increased income.
It had reported a net loss of ₹421.11 crore in the January-March period of preceding 2022-23 financial year, the company said in an exchange filing on Saturday.
For the whole of FY24, the company reported a narrowing of its net loss to ₹210.79 crore from ₹1,174.96 crore net loss recorded in FY23.
During the fourth quarter of FY24, the company's total income increased to ₹1,211.40 crore from ₹86.36 crore in the year-ago period. While the income rose to ₹3,120.79 crore during the full fiscal from ₹2,125.87 crore in the preceding fiscal.
The expenses in the reporting quarter were at ₹1,177.66 crore, up from ₹503.88 crore registered in the same period last fiscal. The expenses were at ₹3,293.11 crore in FY24 as against ₹2,304.61 crore in the previous fiscal.
In an investor presentation, the company said it had unexecuted orders worth ₹8,084 crore as of March 2024 compared to orders worth ₹4,913 crore as of March 2023.
The company has received new orders worth ₹488 crore during the quarter. The figure was arrived after the company was declared the lowest bidder for a second floating solar module project in the country.
The company also received its second international order in Q4 from Enfinity for a balance of system project in Italy, amounting to 20 million euros.
"We have received total orders/LOI (letter of intent) in 13 projects worth ₹6,023 crore in FY24 compared to new order inflow of ₹4,387 crore in FY23," the company said.
Total net debt stood at ₹116 crore in FY24 as against ₹1,966 crore a year ago.
The company further said its net working capital continues to remain in negative at ₹585 crore compared to ₹445 crore in the 2022-23 financial year.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.