Sterling and Wilson Solar announces financial results for the first quarter of 2020-21

Sterling and Wilson has announced its financial results for the first quarter ended June 30, 2020. The company has reported a revenue of Rs 10, 993.8 million, which is around a 16 per cent decrease from the amount of Rs 13,093.34 reported for same period in 2019. The company also recorded a net profit of Rs 1,722 million for the quarter ended June 30, 2020. Sterling and Wilson managed to earn a profit for the quarter ended June 30, 2020. However, this was a 62 per cent decline from the net profit recorded for the quarter ended in June 30, 2019. For the corresponding quarter in the previous year, the consolidated net profit of the company was Rs 4,601 million.

In April 2020, Sterling and Wilson Solar Limited, received Rs 5 billion towards the outstanding loans from its parent company, Sterling and Wilson Private Limited, and its subsidiary, Sterling and Wilson International FZE. The funding was facilitated by ShapoorjiPallonji and Company Private Limited and KhurshedDaruvala, as per the revised schedule of repayment approved by the board of directors of Sterling and Wilson Solar. The proceeds were used to bring down their external borrowings. An amount of Rs 10 billion had already been paid towards these dues from the date of listing of the company till December 31, 2019. With this repayment, the total dues cleared stood at about Rs 15 billion, inclusive of the principal and interest.

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