Sterling and Wilson Solar Ltd IPO: Analysis, Review, Update
Update –
Quarterly Numbers FY 2022-23:
Sterling and Wilson Renewable Energy Limited (SWREL) – the leading solar EPC solutions provider in the world has declared its standalone and consolidated Financial Results for the quarter ended June 30, 2022 today after market hours.
The Company has registered a total income (on a standalone basis) of INR 819.80 Cr for the quarter ended June 30, 2022, as against INR 639.93 Cr for the quarter ended March 31, 2022, registering a growth of 28.11 percent Q-O-Q basis. However, Y-O-Y income de-grew by 6.80 percent, which was INR 879.65 Cr a period year ago.
The Company’s income from EPC Business grew by 31.46% Q-O-Q basis (INR 753.79 Cr versus INR 573.38 Cr) while the income from operation and maintenance service registered a constant decline.
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The Company’s total expenses stood at INR 921.76 Cr as of June 30, 2022, INR 707.80 Cr as of March 31, 2022, and INR 924.75 Cr for the period ended 30, June 2021.
The Company has incurred a net loss of INR 104.02 Cr for the period ended 30 June 2022 as against a loss of INR 58.05 Cr for the period ended 31 March 2022.
The total loss of the company was INR 35.16 Cr a period ended 30 June 2021. The Higher cost of construction materials and spare parts was the main reason for the company to post huge losses as compared to previous quarters.
Here is the daily chart –
The stock ended at INR 309.10 today and is trading 40% below when compared to its 52-week high of INR 509.1 on the National Stock Exchange.
Also Read – Quarterly number of Spandana Sphoorty Financial Ltd
20-8-2019
Update
Sterling and Wilson Solar Ltd, a solar engineering (EPC) solutions provider, had a weak debut on August 20 as the stock ends with 7% loss at INR 725.35
The fall was on expected lines given the muted response to IPO from investors and prevailing weak market conditions.
The stock opened at 10% discount to IPO price and touched an intraday low/high of INR 691/755.50
The promoters had said they would utilise a portion of issue proceeds towards funding full repayment of the loans.
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Sterling and Wilson Solar Ltd – a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider, is planning to raise INR 3125 Cr via IPO (all Offer for Sale)
Sterling and Wilson Solar Ltd – Details
Company Profile
Incorporated in the year 2017, Mumbai based Sterling & Wilson Solar Limited (SWSL) is engaged in providing solar engineering, procurement and construction (EPC) solutions to the end-users.
The Company commenced its operations in the year 2011 as the Solar EPC Division of SWPL and demerged from SWPL with effect from April 1, 2017.
Also Read: Spandana Sphoorty Financial Ltd IPO
Business Activity
The Company provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering and manage all aspects of project execution from conceptualizing to commissioning.
The Company also provide operations and maintenance (O & M) services, including for projects constructed by third-parties.
Over a span of seven years (2011 to 2017), the company became the largest solar EPC solutions provider in each of India, Africa and the Middle East according to IHS Markit in 2018 and currently have a presence across 26 countries.
Sterling & Wilson Solar offers customized solutions to its customers for solar power projects. The company follows a hub-and-spoke business model where services go from the central hub to several spokes or routes to reach the end-users.
The company aims to improve the performance ratio by offering cost-effective and innovative designing solutions supported by an engineering and competent design team.
Project Commissioned
As of December 31, 2018, the company had 183 commissioned and contracted solar power projects with an aggregate capacity of 6,062.83 MWp.
Company Strength
- Largest global solar EPC solutions provider in a fast growing solar industry
- Comprehensive end-to-end EPC solutions provider with a global execution track record
- A dedicated design and engineering team focused on innovation and developing efficient and cost effective engineering solutions
- Strong relationships with customers and other key stakeholders
- Strong parentage and ability to leverage global “SP” brand
- Strong growth and financial performance backed by an asset-light business model
- Experienced key management personnel
Company Promoters
The promoters of the Company are Shapoorji Pallonji and Company Pvt Ltd and Khurshed Yazdi Daruvala.
IPO Details – Price, Minimum Bid and Other
Sterling and Wilson Solar – Financials
CONCLUSION –
Considering the company’s valuation and financial parameters, FinBlab recommends SUBSCRIBE ratings on Sterling and Wilson Solar Ltd IPO
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