SWREL’s Q2 FY25 business was largely driven by strong demand in the Indian market
The company’s domestic EPC business made up the lion’s share of total revenues
At the end of September 2024, its unexecuted order book was worth INR 105.49 billion
India-headquartered global renewable energy EPC company Sterling and Wilson Renewable Energy Limited (SWREL) closed Q2 FY25 (July 2024 to September 2024) with its revenues growing by 36% year-on-year (YoY) to INR 10.31 billion ($123 million), as business was mainly driven by its domestic market.
The company’s top line went up 13% YoY, while gross margin was reported at 10.1%, compared to 8.6% during the same period last year.
It was the domestic EPC business that contributed the maximum revenue of INR 9.35 billion ($111.27 million), while the international EPC operations pulled in another INR 360 million ($4.28 million).
It reported an EBITDA of INR 510 million ($6.07 million). This was its 3rd consecutive quarter of positive EBITDA, profit before tax (PBT) and profit after tax (PAT) at the consolidated level.
SWREL, which trades on the National Stock Exchange (NSE) as SWSOLAR, locked in strong orders/letters of intent (LOI) of INR 20.5 billion ($244 million) during the reporting quarter.
At the end of September 2024, its unexecuted order value was INR 105.49 billion ($1.26 billion), with over 77% in India, followed by 11% in South Africa, and roughly similar volume in Europe. It touts a strong EPC bid pipeline of 28.7 GW with 80.7% in India and 11.5% in the MENA region.
Post Q1 FY25, it received new orders in 6 domestic projects worth INR 20.44 billion ($243.25 million), including for the ‘largest’ battery energy storage system (BESS) project with 1 GWh capacity in India.
Altogether, its order inflow during H1 FY25 grew to a total of INR 42.14 billion ($501.5 million), divided between India and international markets in a ratio of around 73: 27.
“Our second quarter performance highlights our continued business revival and sustained growth momentum in securing significant orders,” said SWREL’s Global CEO Amit Jain. “With a solid project pipeline and a strong financial foundation, we are confident in capturing this substantial growth, continuing our upward trajectory, and delivering enhanced value to all stakeholders.”
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