The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy’s consolidated net loss was reduced by 73% year-over-year (YoY) to ₹950 million (~$11.6 million) for the first quarter (Q1) of the financial year (FY) 2023-24 from a loss of ₹3.56 billion (~$43.4 million) due to higher contribution from the domestic EPC segment.

The company posted a YoY decrease of 57% in revenue at ₹5.15 billion (~$62.7 million). This was mainly due to an 84% fall in revenue from its international EPC operations to ₹1.59 billion (~$19.4 million).

However, the revenue from domestic EPC business increased 80% YoY to ₹3.08 billion (~$37.5 million).

The company has reported a positive gross margin of 11.3% after nine quarters of losses aided by the higher contribution from the domestic EPC segment.

Sterling and Wilson currently has an unexecuted EPC order book of ₹49.03 billion (~$597.2 million) with nearly 94% domestic EPC.

The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) loss was reduced by 90% to ₹340 million (~$4.1 million).

In March, Sterling and Wilson bagged NTPC’s tender for the balance of system package to develop 1.2 GW solar projects at Khavda renewable park in Gujarat.

In September last year, Sterling and Wilson Solar Solutions signed a memorandum of understanding with Nigeria to develop, design, construct, and commission solar power projects aggregating 961 MW at five locations. The projects will have battery energy storage systems with a total installed capacity of 455 MWh.

Last August, Shapoorji Pallonji proposed to sell 2,370,787 equity shares with a face value of ₹1 (~$0.012) each, totaling 1.25% equity it holds in Sterling and Wilson.

In February 2022, Reliance New Energy Solar, the green energy arm of Reliance Industries, completed the 40% stake acquisition in Sterling and Wilson Renewable Energy. Reliance acquired the stake through a primary investment, a secondary purchase, and an open offer.