Sterling and Wilson Renewable Energy zooms 5% as loss narrows in Jan-Mar

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NEW DELHI: Shares of Sterling and Wilson Renewable Energy jumped 4.6 per cent in early trade Friday as investors took heart from the fact that the energy firm reported a narrower net loss in Jan-Mar than a year ago.

The company posted a loss of Rs 126.61 crore for the quarter ended March 2022, which narrowed from a loss of Rs 344.80 crore reported in the same period last year. However, revenue fell sharply to Rs 1,071 crore from Rs 1,364.5 crore during the same period.

Sterling and Wilson Renewable’s scrip climbed to a high of Rs 360.55 as against Rs 344.75 at previous close on the BSE. The stock was last trading 2.5 per cent higher.

The company’s sales declined 21.51 per cent to Rs 1,071.03 crore in the quarter ended March 2022 as against Rs 1,364.54 crore during the previous quarter ended March 2021, reports said.

For the year as a whole, the firm reported a net loss of Rs 909.46 crore in the year ended March 2022 as against net loss of Rs 285.38 crore during the previous year ended March 2021.

Sales rose 2.33 per cent to Rs 5,198.94 crore in the year ended March 2022 as against Rs 5,080.80 crore during the previous year ended March 2021, reports said.

Last month, Acuite Ratings and Research Limited upgraded its credit rating on commercial papers worth Rs 200 crore of Sterling and Wilson Renewable Energy Limited to Acuite A1+.

According to analysts, Sterling and Wilson is strongly positioned for the increasing thrust towards cleaner and renewable energy. Reliance New Energy, a subsidiary of Reliance Industries, owns a 40 per cent stake in Sterling and Wilson.

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