The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, Sterling and Wilson Renewable Energy’s consolidated net loss was reduced by 82% year-over-year (YoY) to ₹540 million (~$6.5 million) for the second quarter (Q2) of the financial year (FY) 2023-24 from a loss of ₹2.99 billion (~$36 million) due to higher contribution from the domestic EPC business segment.

The company reported a total revenue of ₹7.6 billion ($91 million), marking an 88% YoY increase. The revenue generated from the domestic EPC segment was ₹5.67 billion ($68 million), a 244% YoY growth. In contrast, the international EPC segment experienced a 29.5% YoY decline in revenue.

Sterling and Wilson’s earnings before interest, tax, depreciation, and amortization (EBITDA) were reduced by 106% YoY to ₹180 million (~$2.1 million).

The company reported a positive gross margin of ~10%, aided by the higher contribution from the domestic EPC segment and improving operating and maintenance margins.

Sterling and Wilson has received new orders totaling ₹28 billion (~$336.4 million) in Q2 FY 2024.

The company received a notification of award from NTPC Renewable Energy for the EPC of a 300 MW solar project at the Khavda Renewable Energy Park in Gujarat, with a total contract value, including operation and maintenance for three years, amounting to ₹15.35 billion ($184.8 million).

In addition, the company obtained a letter of intent from Gujarat Industries Power Company for the engineering, procurement, and construction of a 600 MW solar power project at Khavda Solar Park in September. This project, consisting of two 300 MW blocks, encompasses various stages from design and engineering to commissioning, along with a three-year operation and maintenance contract. The total contract value, including taxes and duties, is approximately ₹11.3 billion (~$136.1 million).

In September, the company received approval from its board of directors to raise ₹15 billion (~$180.38 million) through issuing various financial instruments in September.