Net sales dropped by 78.3% YoY to Rs 312.69 crore during the quarter.

Total expenditure declined by 60.6% to Rs 682.88 crore in Q2 FY23 over Q2 FY22, due to a 75.4% YoY fall in raw material costs and 55.3% YoY drop in other expenses.

The company recorded a pre-tax loss of Rs 308.22 crore in the second quarter as compared with a pre-tax loss of Rs 283.52 crore in the same period last year.

On the assets side, Sterling and Wilson Renewable's other financial assets increased to Rs 1,064,22 crore as on 30 September 2022 from Rs 761.10 crore as on 31 March 2022.

Among its non-current liabilities, the company reported borrowings of Rs 435 crore as on 30 September 2022 as against zero borrowings as on 31 March 2022.

On the current liabilities side, the company's short-term borrowings shot-up to Rs 877.79 crore as on 30 September 2022 from Rs 435.06 crore as on 31 March 2022.

Accordingly, the company's finance costs stood at Rs 32.84 crore in Q2 FY23. Interest payments amounted to Rs 18.83 crore in Q4 FY22 and Rs 14.66 crore in Q1 FY23.

The value of shareholder's equity declined to Rs 337.53 crore as on 30 September 2022 from Rs 905.83 crore as on 31 March 2022.

The company reported a consolidated cash balance of Rs 427.65 crore as on 30 September 2022 as against Rs 381.12 crore as on 31 March 2022. Net cash flow from operating activities and investing activities was a negative balance of Rs 851.34 crore and Rs 8.61 crore, respectively.

Separately, Sterling and Wilson Renewable Energy (SWRE) announced that it has won an order from NTPC Renewable Energy (NTPC REL) for its proposed 1,255 MWac / 1,568 MWdc solar PV project at Khavda RE Power Park, Rann of Kutch, Gujarat.

SWRE has emerged as the L-1 (lowest) bidder in a competitive bidding against the tender invited by NTPC REL and has been awarded the contract with total value of Rs 2,212 crore (including taxes & duties and including O&M for 3 years). Contract agreement for the project has been signed between NTPC REL and SWRE.

The project scope of work includes design, engineering, supply, construction, erection, testing, and commissioning along with a 3-year operation & maintenance contract.

Sterling and Wilson Renewable Energy is a global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid & energy storage solutions and has a total portfolio of 12.6 GWp (including projects commissioned and under various stages of construction). SWRE also manages an operation and maintenance (O&M) portfolio of around 7 GWp solar power projects, including for projects constructed by third parties.