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Revenue from operations tumbled 91.74% to Rs 88.43 crore in Q4 FY23 as compared with Rs 1,071.03 crore in Q4 FY22. Revenue was impacted due to cost increase on account of certain cost provisions made, which impacted the percentage-of-completion and led to a revenue reversal in ongoing EPC projects.
The company reported a pre-tax loss of Rs 417.52 crore in Q4 FY23 as compared with Rs 123.45 crore posted in Q4 FY22.
The company's revenue from EPC business was at 39.58 crore (down 96.12% YoY) while income from operation and maintenance service business stood at Rs 48.81crore (down 3.35% YoY) during the period under review.
On full year basis, the company reported consolidated net loss of Rs 1,169.55 crore in FY23 as against Rs 909.46 crore in FY22. Net sales declined 61.2% year on year to Rs 2,015.01 crore in FY23.
The board has recommended the re-appointment of Chandra Kishore Thakur as the manager of the company for a further period of two years with effect from 1 September 2023 to 31 August 2025 (both days inclusive) based on recommendation of the nomination and remuneration committee.
Sterling and Wilson Renewable Energy is a global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider.
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