Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTNovember 15 (Renewables Now) - India’s Sterling and Wilson Solar Ltd (BOM:542760), or SWSL, on Saturday posted a 9.5% year-over-year increase in revenue for the first half of the 2021/2022 financial year but profitability continued to be affected by a challenging environment.
The solar engineering, procurement and construction (EPC) firm’s revenue from operations came in at INR 26.33 billion (USD 354m/EUR 309m) in the six months through September 2021. Gross margin was negative 5.7%, hit by higher prices of modules, commodities and freight and by greater execution costs because of the COVID impact. The company booked a consolidated net loss of INR 3.6 billion in the six-month period.
More details of its consolidated performance:
INR | Q2 2021/22 | Q2 2020/21 | H1 2021/22 | H1 2020/21 |
Revenue from operations | 14.38bn | 13.37bn | 26.33bn | 24.05bn |
Gross margin (%) | (12.3) | 8.7 | (5.7) | 9.6 |
EBITDA | (2.81bn) | 70m | (3.74bn) | 260m |
Profit after tax | (2.84bn) | 150m | (3.6bn) | 320m |
SWSL said in its unaudited results it had faced liquidity challenges during the quarter and six-month periods, but continued to have a strong order book, a positive net-worth and favorable net current asset position.
In October, Indian conglomerate Reliance Industries Ltd (BOM:500325) agreed to take a 40% stake in SWSL through Reliance New Energy Solar Ltd. SWSL is a joint venture of India’s Shapoorji Pallonji and Company Pvt Ltd (SPCPL) and the Khurshed Yazdi Daruvala family.
“SWSL will immensely benefit from Reliance Group’s integrated new energy vision which will further strengthen our position as a leading EPC and O&M player globally,” said global chief executive Amit Jain.
(INR 1 = USD 0.013/EUR 0.012)
Weekly renewables M&A round-up (May 23-27)
May 27, 2022 17:26 CESTDuke Energy equips Hawaii university with solar and storage
May 27, 2022 17:17 CESTUS stays atop EY renewables attractiveness index, Spain heads PPA chart
May 27, 2022 16:32 CESTSavannah Energy to develop up to 500 MW of renewables in Chad
May 27, 2022 16:08 CESTCelsia building 260 MW of solar farms in Colombia
May 27, 2022 15:51 CESTAgrana, RWA equip Austrian fruit juice concentrate plant with solar modules
May 27, 2022 15:36 CEST