Sterling & Wilson Renewable Energy Surges 110% in 6 Months, 705% in 4 Years

Sterling & Wilson Renewable Energy (SWRE) has experienced a meteoric rise in its share value, surging by an impressive 114% in less than six months. This surge, from ₹263.85 per share to the current value of ₹566, is credited to the company's enhanced financial performance and successful acquisition of orders.

The company's recent financial report for the March-ending quarter and the fiscal year FY24 revealed a significant turnaround. In the March quarter (Q4FY24), SWRE reported a net profit of ₹1.40 crore, marking a notable improvement from the previous year's losses. This positive outcome contrasts sharply with a net loss of ₹421.11 crore reported in the same period of the preceding financial year 2022–23.

The company's total income in Q4FY24 surged to ₹1,211.40 crore from ₹86.36 crore in the corresponding period of the previous year, showcasing robust revenue growth. For the entire fiscal year FY24, SWRE reported a narrowed net loss of ₹210.79 crore compared to ₹1,174.96 crore in FY23. Additionally, the company achieved a positive EBITDA of ₹54 crore in FY24, driven by strong growth in its domestic Engineering, Procurement, and Construction (EPC) business.

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SWRE's efforts to deleverage its balance sheet have been fruitful, with total net debt reduced to ₹116 crore from ₹1,966 crore in FY23. Furthermore, the company has no impending debt repayments until the third quarter of FY25, providing financial stability.

The company's order book has witnessed significant growth, reflecting market confidence and trust. As of March 2024, the unexecuted order value stood at ₹8,084 crore, a substantial increase from ₹4,913 crore in March 2023. In FY24 alone, SWRE secured orders/LOIs for 13 projects worth ₹6,023 crore, demonstrating strong demand for its services.

SWRE, a global leader in solar Engineering, Procurement, and Construction (EPC) solutions, has cemented its position in the renewable energy sector. Its strategic partnership with Reliance Industries, which acquired a 40% stake during FY 2021–22, further strengthens its market position and aligns with Reliance's renewable energy objectives.

With the global solar installed capacity projected to reach 2.2 terawatts by 2030, and India's solar energy landscape witnessing rapid expansion, SWRE is well-positioned to capitalize on the growing market opportunities. Leveraging its expertise in solar project execution and operations, SWRE is poised to play a pivotal role in driving Reliance's renewable energy vision and meeting India's clean energy targets.