Sterling and Wilson shares up 3% on bagging Rs 826-crore orders

The company had reported net loss of Rs 95.47 crore in the quarter ended June 2023 against the loss of Rs 353.91 crore in June 2022.

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Shares of Sterling and Wilson Renewable Energy were up 3 percent at Rs 395.25 on August 4 after the company bagged orders worth Rs 826 crore in the first four months of FY 2023-24.

The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat.

Scope of work for all projects include design, construction and commissioning.

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On August 1, the company had received a Limited Notice to Proceed (LNTP) for an engineering, construction and procurement (EPC) order for a value of approximately Rs 360 crore for a project in India.

India Ratings and Research (Ind-Ra) has downgraded company’s long-term issuer rating to ‘IND BBB-’ from ‘IND BBB+’ while revising the rating watch to ‘Rating Watch with Developing Implications’ from ‘Rating Watch with Negative Implications’.

The company reported a net loss of Rs 95.47 crore in the quarter ended June 2023 as against a loss of Rs 353.91 crore a year back. Revenue of the company was down 57.33 percent at Rs 514.96 crore as against Rs 1,206.93 crore, YoY.

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