Revenue from operations rose 1% YoY to Rs 1,206.93 crore during the quarter.

On the segmental front, EPC business revenue was Rs 1,162.01 crore (up 2.5% YoY) while that from operation and maintenance service was Rs 44.03 crore (down 28.1% YoY) in the first quarter.

Total expenses increased by 19.4% to Rs 1,568.92 crore in Q1 FY23 over Q1 FY22.

The company reported a pre-tax loss of Rs 357.86 crore in Q1 FY23 as compared with a pre-tax loss of Rs 86.74 crore in Q1 FY22.

Sterling and Wilson Renewable Energy was demerged from Sterling and Wilson in March 2018. It is one of the largest non-original equipment manufacturers solar EPC players globally, with a diversified presence across geographies. SWREL was listed on the BSE and National Stock Exchange in August 2019.