Sterling & Wilson Solar Reports Rs 76 Cr Loss in June Quarter
Sterling and Wilson Solar reported a consolidated net loss of Rs 76.02 crore for the June quarter against a net profit of Rs 17.22 crore in the quarter ended on June 30, 2020. The Group is primarily engaged in the business of complete Turnkey solution for Engineering, Procurement, Construction, Operation and maintenance of Solar Power projects. Total income of the company rose to Rs 1,227.20 crore in the quarter under review from Rs 1,099.38 crore in the same period a year ago, according to a regulatory filing by the company. Other expenses during the quarter ended 30 June 2021 include forward contract cancellation charges aggregating to Rs 80.46 crores. A few of these contracts, with a corresponding cost of Rs 49.15 crores, have been re-booked during the quarter, as the corresponding revenue against such forward contracts is to be accrued in subsequent periods. "The Management believes that the Group will continue its business in the foreseeable future, so as to be able to realise its assets and discharge its liabilities in the normal course. During the quarter ended 30 June 2021, the construction activities at various sites witnessed a slowdown as per the directives issued by various regulatory authorities which has led to an increased cost of construction (including rise in module and commodity costs) as well as overheads due to extended time.Owing to these factors, the Group has faced liquidity challenges during the quarter," It explained.
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