Sterling and Wilson Renewable Energy Ltd (SWRE) reported total order inflows of over Rs.2,400 crore during the third quarter (Q3: April to December) of FY24.
In a release, SWRE said that it emerged as L-1 bidder for the single largest floating solar project in India for a PSU followed by finalizing four strategic projects from Plenitude Spain (part of ENI Group), Green Infra Wind Energy Ltd (GIWEL) a subsidiary of Singapore-headquartered Sembcorp Industries and Cleantech.
SWRE’s outstanding order book as of December 31, 2023, stood at Rs.8750 crore.
SWREL completed a successful raise of Rs.1,500 crore through a Qualified Institutional Placement (QIP) in December 2023 that received a strong response from both domestic mutual funds and global FIIs.
Growth momentum
Speaking on the quarter results, Amit Jain, Global CEO, Sterling and Wilson Renewable Energy shared, “During Q3FY24 we have witnessed notable strides in advancing our renewable energy portfolio with four unique projects from India as well as our first significant overseas order in three years. Post the successful QIP,our balance sheet has significantly strengthened, and fully geared to pursue the fast-growing solar EPC markets in India and abroad. Our unexecuted order book stands at Rs.8,750 crore currently. We are confident to sustain our growth momentum as a lot of our marquee customers are approaching us once again as our balance sheet issues are resolved and the company is nearly net debt free.
We are well positioned to accelerate and continue to stay committed towards environmental responsibility, coupled with ongoing investments in technology and infrastructure. Our upcoming quarters look very promising, and I want to thank our stakeholders, employees, and partners for their continued supportand patience which has enabled us to create the foundation for an exciting future.”
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