Sterling and Wilson Photo voltaic experiences Rs 76 cr loss in June quarter

Sterling and Wilson Photo voltaic experiences Rs 76 cr loss in June quarter

Sterling and Wilson Photo voltaic on Saturday reported a consolidated web lack of Rs 76.02 crore for the June quarter towards a web revenue of Rs 17.22 crore within the quarter ended on June 30, 2020.

Whole revenue of the corporate rose to Rs 1,227.20 crore within the quarter beneath assessment from Rs 1,099.38 crore in the identical interval a yr in the past, based on a regulatory submitting by the corporate.

“Different bills throughout the quarter ended 30 June 2021 embrace ahead contract cancellation fees aggregating to Rs 80.46 crores. A couple of of those contracts, with a corresponding price of Rs 49.15 crores, have been re-booked throughout the quarter, because the corresponding income towards such ahead contracts is to be accrued in subsequent durations.”

In regards to the affect of pandemic, it acknowledged that the Administration believes that the Group will proceed its enterprise within the foreseeable future, in order to have the ability to realise its property and discharge its liabilities within the regular course.

Throughout the quarter ended 30 June 2021, the development actions at varied websites witnessed a slowdown as per the directives issued by varied regulatory authorities which has led to an elevated price of building (together with rise in module and commodity prices) in addition to overheads on account of prolonged time.Owing to those elements, the Group has confronted liquidity challenges throughout the quarter, It defined.

The group continues to have a robust order e book, a optimistic net-worth and beneficial web present asset place, it acknowledged.

The Group is primarily engaged within the enterprise of full Turnkey resolution for Engineering, Procurement, Building, Operation and upkeep of Photo voltaic Energy tasks.

(Solely the headline and movie of this report could have been reworked by the Enterprise Normal workers; the remainder of the content material is auto-generated from a syndicated feed.)

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