Sterling and Wilson Renewable Energy reports over 50 per cent revenue growth

By Staff Writer,

Added 22 April 2024

SWREL has turned EBITDA positive at Rs 54 crore in FY24, marking a strong recovery in financial performance. The company recorded robust growth in the domestic EPC business, leading to a significant rebound in financials both sequentially and YoY.

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Sterling and Wilson Renewable Energy Limited (SWREL), a leading home-grown renewable EPC, announced its results for the fourth quarter and the full year ended 31^st March 2024. SWREL has had a strong recovery in financial performance and the company turned EBITDA positive at Rs 54 crore in FY24 backed by robust growth recorded in the domestic EPC business. There was a strong rebound in financials both sequentially and YoY, with significant strengthening of FY24 balance sheet and a net debt reduction by over 90 per cent that well positions the company to secure a larger portion of industry growth. The company attained substantial growth of 64 per cent in its unexecuted order value in FY24, reiterating trust from its clients and the market.

Commenting on the results, Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Limited, said, "We have overcome several challenges in FY24 and SWREL is in a much better place than earlier. The company delivered a robust financial performance, which included positive gross margins throughout the year and positive EBITDA for the year. The Q4 results were also profitable. Our future growth prospects look promising based on our strong unexecuted order book and business fundamentals continuing to improve. The company's balance sheet has become more resilient through debt reduction, thereby solidifying our stakeholder's confidence. The market opportunity for renewable EPC players like ours is continuing to grow significantly both in India and internationally, and we are well aligned to capture the growth. As SWREL comes back stronger, we remain confident of delivering an improved performance in terms of growth and revenues over the next few quarters."

"In addition, our prediction is that the growing awareness and resultant action towards opting for cleaner energy sources will lead to higher adoption of renewables, thereby accelerating business momentum. Renewables are essential for a better tomorrow, and solar will be at the forefront of this march towards a sustainable future," he further commented.