In an exchange filing made after market hours yesterday, the company said that it has received additional Rs 500 crore against loans outstanding from Sterling and Wilson and its subsidiary Sterling and Wilson International FZE, which was facilitated by Shapoorji Pallonji and Company Private and Khurshed Daruvala (promoters), as per the revised schedule of repayment approved by the board of directors of SWSL and communicated to the stock exchanges earlier.

"The proceeds have been utilized to reduce our external borrowings by an equivalent amount," the company said in a statement.

An amount of Rs 1,000 crore had already been repaid from the date of listing till 31 December 2019. With this the total repayment stands at Rs 1,500 crore (inclusive of principal and interest).

Bikesh Ogra, director and global CEO, said, “When we announced our 9 months' results in February 2020, we were one of the first few companies to have felt the impact of COVID19 pandemic, as the dispatches from China for the Solar PV panels and other equipment related to solar projects had been impacted. Even under those circumstances we had guided that the last quarter will be our best quarter for FY 20, both in terms of revenue as well as profits, which we are confident of achieving.

The situation in China has improved substantially, ever since, and the dispatches for all equipment including the Solar PV panels have already commenced for countries currently unaffected by the lockdowns. However, that said, since our operations are spread over more than 25 countries, COVID19 is likely to affect, delivery of materials and project execution for the countries which continue to go under lockdown. We are monitoring the situation closely to see how to complete execution of the projects with the least of disruptions.”

SWSL is an end to end solar engineering, procurement and construction (EPC) solutions provider. The company also provides operations and maintenance (O&M) services, including for projects constructed by third-parties.

On a consolidated basis, SWSL's net profit fell 73.9% to Rs 49.62 crore on a 34.5% decline in net sales to Rs 1076.38 crore in Q3 December 2019 over Q3 December 2018.