{"id":160411,"date":"2024-04-23T07:33:26","date_gmt":"2024-04-23T11:33:26","guid":{"rendered":"https:\/\/44.250.171.167\/?p=160411"},"modified":"2024-04-23T11:43:09","modified_gmt":"2024-04-23T15:43:09","slug":"sterling-and-wilson-renewable-energy-ltd-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/sterling-and-wilson-renewable-energy-ltd-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"Sterling and Wilson Renewable Energy Ltd Q4 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Sterling and Wilson Renewable Energy Ltd (SWSOLAR) Q4 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Order Book<\/strong>\n<ul>\n<li>Total order inflows of ~ INR 6,023 crores (~ 3.3 GW) in FY24, up 37% YoY.<\/li>\n<li>Domestic orders at INR 4,854 crores, up ~10% YoY.<\/li>\n<li>Won first international orders after 3 years in Spain and Italy.<\/li>\n<li>Unexecuted order book at INR 8,084 crores, 85% domestic orders.<\/li>\n<li>Bid pipeline reduced from 40 GW to 30 GW in focus markets.<\/li>\n<li>30 GW pipeline expected to be floated out this year without delay.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Outlook<\/strong>\n<ul>\n<li>Active order pipeline of 25 GW in India and 5 GW internationally for FY25.<\/li>\n<li>Working on finalizing Nigeria MoU, expecting closure soon.<\/li>\n<li>Expect FY25 order bookings to be higher than FY24.<\/li>\n<li>O&amp;M portfolio grew to 7.6 GW, expected to improve in coming quarters.<\/li>\n<li>Order inflow guidance of around INR 8,000 crores for FY25.<\/li>\n<li>Gross margins to be maintained at historic levels for domestic and international projects.<\/li>\n<li>Interest cost expected between INR 30-35 crores on term debt of around INR 328 crores.<\/li>\n<li>Overheads not expected to rise significantly from current financial year levels.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Delayed Orders<\/strong>\n<ul>\n<li>Around 3 GW worth of domestic orders pushed from Q4 FY24 to Q1 FY25.<\/li>\n<li>Primarily repeat customers and PSU orders.<\/li>\n<li>Expected closure by end April or early May 2023.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Order Book Conversion<\/strong>\n<ul>\n<li>Expect INR 6,000-7,000 crore revenue from current unexecuted order book of INR 8,084 crore.<\/li>\n<li>For new orders of INR 8,000 crore guidance, expect 25-30% revenue conversion in FY25.<\/li>\n<li>Excludes potential Reliance and Nigeria orders.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Commodity Price Impact<\/strong>\n<ul>\n<li>No major impact as current prices factored in bid pricing.<\/li>\n<li>Orders placed immediately after winning, protecting from future price fluctuations.<\/li>\n<li>No major recalibration expected for future bids.<\/li>\n<\/ul>\n<\/li>\n<li><strong>O&amp;M Business Growth<\/strong>\n<ul>\n<li>Portfolio at 7.6 GW currently, expected to grow significantly.<\/li>\n<li>Large domestic EPC orders have compulsory 3-year O&amp;M component.<\/li>\n<li>4 GW Khavda order to directly add to O&amp;M portfolio.<\/li>\n<li>Plans to enter wind O&amp;M segment as well.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Manpower\/Attrition<\/strong>\n<ul>\n<li>Has robust leadership pipeline and strong execution\/engineering teams.<\/li>\n<li>Well-placed mechanisms to supplement manpower for growth projections.<\/li>\n<li>No concerns on attrition or personnel being hired away by competitors.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Growth Vision<\/strong>\n<ul>\n<li>Expects 15-20% CAGR revenue growth over next 3-4 years conservatively.<\/li>\n<li>Guidance excludes potential upside from Reliance and Nigeria orders.<\/li>\n<li>Will maintain asset-light, negative working capital model without equity dilution.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Battery Storage Business<\/strong>\n<ul>\n<li>Already has in-house capabilities to execute battery storage projects.<\/li>\n<li>Has executed similar projects in Africa previously.<\/li>\n<li>Expects battery storage market in India to grow significantly.<\/li>\n<li>Well-positioned to address this market across technologies and geographies.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Hybrid Projects<\/strong>\n<ul>\n<li>Currently no specific number for hybrid projects in 30 GW pipeline.<\/li>\n<li>Part of pipeline, but developers still finalizing wind\/battery mix configurations.<\/li>\n<li>Expects hybrid project portfolio to grow in coming years.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Wind EPC Business<\/strong>\n<ul>\n<li>Open to taking up wind EPC projects, but without land risk.<\/li>\n<li>Will only bid for projects where land is provided by customer\/developer.<\/li>\n<li>Will evaluate PSU wind tenders based on competitiveness and risk profile.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Legal Cases\/Receivables:<\/strong>\n<ul>\n<li>Around INR 900 crore receivables tied up in litigation cases.<\/li>\n<li>Cases coming up for hearings in Q2, Q3, Q4 of current year.<\/li>\n<li>Taken legal opinions, well-positioned favorably in these cases.<\/li>\n<li>No provisions made currently based on expert legal views.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Nigeria Order<\/strong>\n<ul>\n<li>Delay not due to Nigerian currency (Naira) depreciation.<\/li>\n<li>Contract tagged in USD, so no impact of Naira movement.<\/li>\n<li>Delay due to bureaucratic changes after NTPC merged with Ministry of Power.<\/li>\n<li>Contract negotiations with NTPC finalized recently.<\/li>\n<li>Order expected to be finalized very soon, possibly by Q2.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Sterling and Wilson Renewable Energy Ltd (SWSOLAR) Q4 FY24 Earnings Concall Order Book Total order inflows of ~ INR 6,023 crores (~ 3.3 GW) in FY24, up 37% YoY. Domestic orders at INR 4,854 crores, up ~10% YoY. Won first international orders after 3 years in Spain and Italy. Unexecuted order book [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5746,5],"tags":[10169,8161,11363,13609],"class_list":["post-160411","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-energy-stocks","category-latest","tag-earnings","tag-energy","tag-epc","tag-solar-engineering"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":161519,"url":"https:\/\/alphastreet.com\/india\/waaree-renewable-technologies-ltd-q4-fy24-earnings-conference-call-insights\/","url_meta":{"origin":160411,"position":0},"title":"Waaree Renewable Technologies Ltd Q4 FY24 Earnings Conference Call Insights","author":"Praveen","date":"May 22, 2024","format":false,"excerpt":"Key highlights from Waaree Renewable Technologies Ltd (534618) Q4 FY24 Earnings Concall Renewable Energy Growth Government initiatives like incentives, subsidies promoting renewable energy adoption. 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