Sterling and Wilson Solar has reported a 56 per cent decline in consolidated net profit at Rs 128.58 crore for the quarter ended March 31, 2020. The consolidated net profit of the company stood at Rs 294.80 crore in the quarter ended on March 31, 2019, a regulatory filing said.
The total income of the company in the March quarter stood at Rs 2,120.50 crore, down from Rs 2,368.17 crore in the year-ago period, a company statement said.
For the financial year 2019-20, the consolidated net profit of the company fell to Rs 304.27 crore, from Rs 638.23 crore in 2018-19.
Total income was at Rs 5,878.77 crore in 2019-20, down from Rs 8,449.93 crore in 2018-19.
The order inflows for FY’20 increased by 15 per cent year-on-year to Rs 9,048 crore despite the “challenging fourth quarter” of the financial year, it said.
“The recent months have been a difficult phase, both for the global economy and the company, due to the COVID-19 pandemic. Despite this, we managed to win some prestigious projects internationally, entered new markets and strengthened our presence in existing markets,” said Bikesh Ogra, Director and Global CEO, Sterling and Wilson Solar Ltd.
Ogra further said, “our teams have shown great resilience, and we continue to make concentrated efforts towards ensuring we win projects across the globe.
“With the COVID-19 situation relatively stabilizing globally and our existing order book pipeline, along with the foreseeable future business, we expect that the turnover and profitability in the current year will be better than last fiscal. This is provided the COVID-19 situation does not escalate in our target markets,” Ogra said.
Sterling and Wilson Solar Ltd, a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider.
Source: PTI