On Friday, Sterling and Wilson Renewable Energy shares tumbled 7.5% after the company put up unsatisfactory earnings for the quarter that ended in March.

At 9:52 am, the company’s shares were trading 7.1% lower at Rs 284.75 on the BSE.

The company’s combined revenue tanked 92% YoY at Rs 88.43 crore, whereas its net loss doubled to Rs 421.11 crore. Revenue took a hit amid cost increases due to certain provisions, impacting the completion percentage and leading to a revenue reversal in ongoing Engineering, Procurement, and Construction (EPC) projects, the company stated in its investor performance.

On the contrary, in Q4FY23, Sterling and Wilson Renewable Energy stated the highest quarterly order inflows since Q1FY21.

Sterling and Wilson Renewable Energy bids design, detailed engineering, procurement, construction, installation, commissioning, operations and maintenance services under turnkey EPC, whereas Balance of System solutions for utility-scale, rooftop, and moving solar power projects. It also delivers solar plus storage solutions.

The company aims to reduce the necessary debt by Q4FY24 due to receivables recovery, indemnity inflows, and unfavourable working capital. Its net debt was Rs 1,967 crore as of March 31, 2023.