Sterling & Wilson Renewable Energy Ltd

Sterling & Wils. Summary Chart Analysis Peers Quarters Profit & Loss Balance Sheet Cash Flow Ratios Investors Documents

Sterling & Wilson Renewable Energy Ltd

₹ 362 -6.86%
22 Jan 1:22 p.m.
sterlingandwilsonre.com BSE: 542760 NSE: SWSOLAR
About

Sterling and Wilson Solar Ltd is one of the leading end-to-end solar engineering, procurement and construction (EPC) solutions provider globally and is also engaged in the operation and maintenance (O&M) of solar power projects. The company is backed by strong parentage of the Reliance Industries

Key Points

History[1]
Company was a part of Shapoorji Pallonji Group and is promoted by Shapoorji Pallonji and Company Pvt Ltd and Mr. Khurshed Daruvala. Post demerger from Sterling and Wilson Pvt Ltd, SWREL was incorporated in 2017 and is engaged in EPC and O&M for Solar Power Plants. In FY22, there was an acquisition of stake in SWREL by Reliance New Energy Ltd , a subsidiary of Reliance Industries. Currently REL owns 32.6% stake in the company. The company has set up its largest single location Solar Photovoltaic Plant of 1177 MW in Abu Dhabi.

Website BSE NSE
  • Market Cap ₹ 8,451 Cr.
  • Current Price ₹ 362
  • High / Low ₹ 828 / 359
  • Stock P/E 26.9
  • Book Value ₹ 121
  • Dividend Yield 0.00 %
  • ROCE 10.4 %
  • ROE 4.53 %
  • Face Value ₹ 1.00
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Pros

  • Company has reduced debt.
  • Company is expected to give good quarter
  • Company's working capital requirements have reduced from 272 days to 117 days

Cons

  • Stock is trading at 3.05 times its book value
  • Promoter holding has decreased over last quarter: -7.16%
  • The company has delivered a poor sales growth of -19.9% over past five years.
  • Company has a low return on equity of -10.2% over last 3 years.
  • Promoters have pledged 27.2% of their holding.
  • Earnings include an other income of Rs.265 Cr.
  • Company's cost of borrowing seems high

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Infrastructure Developers & Operators Industry: Engineering - Turnkey Services

Part of Nifty 500 Multicap 50:25:25 Nifty Smallcap 250 Nifty Smallcap 100 Nifty MidSmallcap 400 BSE 500

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024 Sep 2024 Dec 2024
1,035 619 793 214 293 158 384 642 541 1,140 885 996 1,487
1,058 687 906 355 337 274 401 634 532 1,085 833 954 1,412
Operating Profit -22 -69 -112 -141 -44 -116 -17 8 9 55 52 42 75
OPM % -2% -11% -14% -66% -15% -74% -5% 1% 2% 5% 6% 4% 5%
18 21 26 118 40 30 48 68 62 93 52 71 48
Interest 28 19 14 31 37 59 52 55 61 24 19 25 31
Depreciation 3 1 2 1 2 1 2 2 3 3 3 2 2
Profit before tax -35 -68 -102 -55 -42 -147 -23 18 7 121 83 86 90
Tax % -7% -14% 2% 0% 6% 2% 0% 17% 8% 27% 11% 12% 14%
-32 -58 -104 -55 -45 -151 -23 15 6 89 74 75 77
EPS in Rs -1.70 -3.06 -5.48 -2.92 -2.37 -7.94 -1.20 0.78 0.27 3.81 3.15 3.21 3.32
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Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 13m Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 TTM
6,126 8,210 4,537 3,176 3,460 1,458 2,706 4,508
5,934 7,991 4,304 3,386 3,679 1,869 2,644 4,284
Operating Profit 192 220 233 -209 -219 -411 62 225
OPM % 3% 3% 5% -7% -6% -28% 2% 5%
25 155 372 154 102 214 271 265
Interest 13 68 167 79 81 143 200 99
Depreciation 2 3 6 8 8 7 9 10
Profit before tax 202 304 431 -143 -205 -347 123 380
Tax % 35% 36% 27% -22% -18% 2% 29%
132 196 317 -111 -168 -355 87 315
EPS in Rs 82.30 12.23 19.75 -6.95 -8.83 -18.72 3.74 13.49
Dividend Payout % 0% 0% 30% 0% 0% 0% 0%
Compounded Sales Growth
10 Years: %
5 Years: -20%
3 Years: -5%
TTM: 161%
Compounded Profit Growth
10 Years: %
5 Years: -15%
3 Years: 41%
TTM: 307%
Stock Price CAGR
10 Years: %
5 Years: 5%
3 Years: -1%
1 Year: -26%
Return on Equity
10 Years: %
5 Years: -4%
3 Years: -10%
Last Year: 5%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024 Sep 2024
Equity Capital 16 16 16 16 19 19 23 23
Reserves 219 423 686 496 1,482 1,150 2,657 2,811
67 1,175 606 392 359 1,851 511 904
3,545 2,962 2,607 2,872 2,112 1,037 2,496 2,474
Total Liabilities 3,847 4,575 3,916 3,776 3,973 4,057 5,687 6,212
10 12 28 34 28 33 47 42
CWIP 0 0 3 0 0 0 0 0
Investments 4 6 4 371 371 371 371 471
3,833 4,557 3,881 3,371 3,573 3,652 5,269 5,699
Total Assets 3,847 4,575 3,916 3,776 3,973 4,057 5,687 6,212

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
347 149 -273 -10 -1,261 -580 1,027
-51 -934 965 225 501 -1,088 -702
-257 1,056 -821 -275 982 1,346 -85
Net Cash Flow 39 270 -128 -59 222 -322 240

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Mar 2024
Debtor Days 131 77 124 88 62 137 88
Inventory Days 1 13
Days Payable 205 2,059
Cash Conversion Cycle -72 77 -1,922 88 62 137 88
Working Capital Days 14 56 85 26 100 600 117
ROCE % 39% 41% -6% -9% -8% 10%

Shareholding Pattern

Numbers in percentages

5 Recently
Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024Jun 2024Sep 2024Dec 2024
78.56% 78.56% 76.69% 72.73% 72.73% 69.03% 67.56% 52.99% 52.94% 52.92% 45.75% 45.74%
2.33% 2.05% 2.65% 3.53% 4.13% 4.26% 3.37% 11.91% 10.50% 10.07% 14.08% 10.39%
3.17% 3.38% 3.90% 4.74% 5.55% 5.57% 5.94% 9.75% 10.64% 9.08% 9.70% 9.82%
15.94% 16.00% 16.76% 19.01% 17.61% 21.14% 23.14% 25.34% 25.91% 27.95% 30.47% 34.05%
No. of Shareholders 1,56,5941,63,8041,62,3831,58,0021,54,1501,53,1281,58,6491,48,9941,96,3082,44,7632,73,6623,14,074

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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