Sterling and Wilson Renewable Energy Limited has informed the Exchange about Investor Presentation

January 16, 2025

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai – 400 001

National Stock Exchange of India Limited Exchange Plaza Bandra Kurla Complex Bandra (East), Mumbai – 400 051

Scrip Code: 542760

Symbol: SWSOLAR

Sub.: Investor presentation on the Unaudited Standalone and Consolidated Financial results of Sterling and Wilson Renewable Energy Limited (“the Company”) for the quarter and nine months ended December 31, 2024

Ref.: Regulation 30 read with Part A of Schedule III of SEBI (Listing Obligations and

Disclosure Requirements) Regulations, 2015 (“Listing Regulations”)

Dear Sir/ Madam,

Pursuant to the Listing Regulations, please find enclosed herewith a copy of the Investor presentation on the Unaudited Standalone and Consolidated Financial results of the Company for the quarter and nine months ended December 31, 2024.

Request you to take the same on record.

Yours faithfully, For Sterling and Wilson Renewable Energy Limited

Jagannadha Rao Ch. V. Company Secretary and Compliance Officer Encl.: As above

Sterling and Wilson Renewable Energy Limited (Formerly known as Sterling and Wilson Solar Limited) Regd. Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai - 400043 Phone: (91-22) 25485300 | Fax: (91-22) 25485331 | CIN: L74999MH2017PLC292281 Email: info@sterlingwilson.com | Website: www.sterlingandwilsonre.com

The future of solar energy is

STERLING AND WILSON RENEWABLE ENERGY LIMITED

Investor Presentation – 3Q FY25 16 Jan 2025

This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Renewable Energy Limited (the “Company”), have been prepared solely for information purposes and is not a prospectus, disclosure document, placement document or other offering document under any law, nor does it form part of, and should not be construed as, any present or future invitation, recommendation or offer to purchase or sell securities of the Company or an inducement to enter into investment activity in any jurisdiction. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. If there is any subsequent offering of any security of the Company, it will be made pursuant to separate and distinct offering documentation, and in such case the information in this Presentation will be superseded in its entirety by any such offering documentation in final form.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain statements made in this Presentation may not be based on historical information or facts and may be “forward-looking statements” by reason of context, including those relating to the Company’s general business plans, planned projects and strategy, future financial condition and growth prospects, future developments in industry and competitive and regulatory environment. All forward-looking statements are based on judgments derived from the information available to the Company at this time. Forward-looking statements can be identified by terminology such as such as “potential,” "opportunity," “expected,” “will,” “planned,” "estimated", "continue", "on-going" or similar terms.

Forward looking statements are based on the current beliefs and expectations of the Company regarding future events, and are subject to various risks and uncertainties, many of which are difficult to predict. Actual results may differ materially from anticipated results due to factors beyond the Company’s control. Such risks and uncertainties include, but are not limited to, challenges to intellectual property, competition from other products, adverse litigation or government action, and changes to laws and regulations applicable to our industry. This Presentation also contains certain financial and operational information relating to the Company that is based on management estimates. These estimates are based on management's past experience and subjective judgment, and the manner in which such estimates are determined may vary from that used for the preparation and presentation of similar information provided by other companies engaged in the sector in which our Company operates. Neither the Company nor its affiliates or advisors or representatives nor any of their respective affiliates or any such person's officers or employees guarantees that the assumptions underlying such forward-looking statements or management estimates are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this Presentation or the actual occurrence of the forecasted developments.. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, our ability to manage growth, competition (both domestic and international), economic growth in India and abroad, ability to attract and retain highly skilled professionals, time and cost over runs on contracts, our ability to manage our international operations, government policies and actions, regulations, interest and other fiscal costs generally prevailing in the economy. The Company does not undertake to make any announcement in case any of these forward looking statements become materially incorrect in future or update any forward looking statements made from time to time by or on behalf of the Company.

| WHO WE ARE

Leading Solar EPC and O&M Solutions Provider

We offer Design, Detailed Engineering, Procurement, Construction, Installation, Commissioning and Operations & Maintenance services under turnkey EPC and BoS (Balance of System) solutions for utility-scale, rooftop and floating solar power projects. We also offer solar plus storage solutions.

E C N E L L E C X E L A N O T A R E P O

I

EPC Portfolio 21.7 GWp

O&M Portfolio 8.8 GWp

Global Manpower 2,269

I

I

N O T N G O C E R L A B O L G

EPC and O&M of Abu Dhabi 1,177 MWp One of the world’s largest single location PV plant

Regional presence across 28 countries Significant cost benefit and timely execution

E S U O H R E W O P

I

C T S E M O D

EPC and O&M of NTPC 3GW+ in 2 projects Executing one of India’s largest PV plants at Khavda, Gujarat

Consistently bagging repeat orders from large domestic Private IPPs and major PSUs

End-to-end “concept to commission” solar EPC

Market Leader

Leading Solar EPC solutions provider in the world

Leading Solar O&M player globally

Leading Solar EPC

player in India

| A GLOBAL LEADER IN SOLAR EPC IN 8 YEARS

2016 Diversified into Rooftop Solar

Started third-party O&M services

2013 Completed our first turnkey EPC project

Started international solar operations

2018

Expanded operations in Australia by acquiring a controlling stake in GCO Electrical Pty Ltd

2020 Ranked 2nd largest O&M player in the world by Wood Mackenzie

2022

Reliance New Energy acquired 40% stake in Sterling and Wilson Renewable Energy Limited

Awarded one of the largest domestic EPC contract of 1.6 GW by NTPC

2024

Achieved highest unexecuted order value in history of company of more than INR 10,500 cr in October 2024

2015

Recognized as the largest Indian solar EPC player

Largest single-axis tracker plant in India (60 MWp)

2011 Ventured into solar EPC business

2017 Demerger of S&W Solar from S&W Group

Incorporated a subsidiary in Spain

Started operations in USA

Bagged world’s largest single location solar EPC project in Abu Dhabi

2019 Listed on BSE and NSE

Commissioned our first floating solar project of 450 kWp

Ranked No. 1 solar EPC in the world by IHS Markit

2021 Expanded our offerings to include Hybrid Energy, Energy Storage and Waste-to- Energy solutions.

2023 Achieved a second consecutive mega order (1,500 MW) from NTPC

| WHAT DIFFERENTIATES US

Expeditious Quick Decision Making & well-defined internal processes leading to timely execution

Experience Strong Track Record of executing complex & large-scale EPC projects leading to high customer retention and repeat business

Talent Pool Strong in-house Design and Engineering team providing customized solutions

Cost Effective Leveraging the Low-Cost India Base for global execution providing cost competitive solutions

Global Presence One of the only Global Pure-Play Solar EPC players with a significant presence and operational experience across geographies

Strong Relationships A Bankable Player with strong relationships with customers and other key stakeholders

| ACROSS THE GLOBE

USA

Mexico

Europe 266 MWp

UK

Spain

Italy

Jordan

Kazakhstan

USA 455 MWp

Morocco

Egypt

UAE

Vietnam

MENA 1,969 MWp

Mali

Nigeria

Saudi Arabia

Thailand

Oman

Kenya

Tanzania

Zambia

India

India 16,470 MWp

Singapore

Southeast Asia 323 MWp

Philippines

Latin America 575 MWp

Chile

Argentina

Namibia

South Africa

Rest of Africa 610 MWp

Offices in 28 Countries

Projects in 20 Countries

As of December 31, 2024

Australia

Australia 1,113 MWp

New Zealand

| 3Q FY 2025

| KEY HIGHLIGHTS FOR 3Q FY25

• Unexecuted order value at ~INR 10,167 crore as of December

• Gross Borrowings have declined sequentially aided by receipt of

2024 compared to ~INR 8,084 crore as of Mar 2024

indemnity proceeds (~INR 109 crore) in Nov 2024

• Company has received two new orders/LOA in two domestic

projects worth ~INR 1,465 crore in 3QFY25

•

Total net debt of ~INR 175 crore as of Dec 2024 compared to ~INR 326 crore as of Sep 2024

• Received LOA for a BOS package of 625 MW DC from a large

•

Execution scale up in 2HFY25

PSU in Gujarat

• Received BOS order for 396 MW DC project in Rajasthan

•

Scale-up has been re-aligned with domestic customer requirements

• Company achieves second highest quarterly revenue since listing

• Utilization of INR 500 cr IREDA facility

and highest quarterly revenue post-Covid

• Consol revenues up 215% YoY and 78% QoQ in 3QFY25 to

INR 1,837 crore

• Negotiating open credit from key vendors

•

Fresh sanctions of NFB limits from new banks / FIs

•

9MFY25 Gross margins at 10%

• Operational EBITDA at INR 90 crore in Q3 vs INR 23 crore in

Q2 and INR 21 crore in Q1

• Q3FY25 PBT of INR 41 crore higher 105% sequentially

| CONSOLIDATED PROFIT & LOSS – 3Q FY25

INR Crore Revenue from Operations Gross Margin

Gross Margin %

Q3FY25 Q3FY24 Q2FY25 583 65 11.2%

1,031 104 10.1%

1,837 172 9.4%

FY2024 3,035 313 10.3%

FY2023 2,015 (745) NM

Other Income

2

18

5

39

36

Recurring Overheads

Recurring Overheads %

Operational EBITDA

Margin %

Non-recurring Overheads / (income)

Forex gain / (loss)

Reported EBITDA EBITDA Margin %

EBIT

EBIT Margin %

PBT

PBT Margin %

PAT

PAT Margin

82 4.5%

90 4.9%

20

1

73 4.0%

70 3.8%

41 2.2%

17 0.9%

81 14.0%

(16) NM

0

8

10 1.7%

6 1.0%

(61) (10.4%)

(62) (10.7%)

81 7.9%

23 2.2%

(12)

11

51 4.9%

47 4.6%

20 1.9%

9 0.8%

326 10.7%

365 17.3%

(13) NM

(1,110) NM

6

34

54 1.8%

37 1.2%

(172) NM

(211) NM

17

(26)

(1,065) NM

(1,038) NM

(1,179) NM

(1,175) NM

INR Crore Revenue from Operations - International EPC - Domestic EPC - Operation and Maintenance Total

Gross margin - International EPC - Domestic EPC - Operation and Maintenance Total Gross margin %

Q3FY25 Q2FY25 Q1FY25 9MFY25 FY2024

345 1,431 61 1,837

36 935 60 1,031

26 832 57 915

407 3,198 178 3,783

400 2,425 210 3,035

19 138 15 172 9.4%

2 85 17 104 10.1% 11.1% 10.0% 10.3%

26 253 34 313

2 83 17 102

23 306 48 378

 Revenue has grown 215% YoY in Q3, and 78% QoQ aided by higher

execution pace in Domestic and International EPC projects

 Q3 Gross margins came in at 9.4% and ~10% for 9MFY25 compared to FY24 gross margin of 10.3%. Gross margins are likely to continue to trend at ~10%

 Domestic EPC gross margin has improved to ~9.7% in Q3 versus ~9.1% In Q2

 International EPC gross margin in 3Q was impacted by cost incurred to achieve final project closure in a legacy project. Recurring margins are ~11%

 Operational EBITDA seen at ~INR 90 crore in Q3 vs INR 23 crore in Q2 and

INR 21 crore in Q1, reflective of operational leverage and efficiencies

 Q3 PBT of INR 41 crore higher by 105% sequentially

 Q3 PAT of INR 17 crore while significantly higher (both YoY and QoQ) remains impacted by a non-cash deferred tax asset charge of INR 18 crore

| CONSOLIDATED BALANCE SHEET – DECEMBER 2024

INR Crore

Sources of Funds

Shareholders’ Funds

Borrowings from Banks (net)

Application of Funds

Fixed assets (including right to use assets)

Net Working Capital

Deferred tax, direct and indirect tax assets (net)

Other assets / (liabilities)

Total

Breakdown of Net Working Capital (INR Crore) Current Assets

Inventories

Receivables (including unbilled)

Receivable days

Advances to suppliers

Current Liabilities

Trade payables

Payable days

Advances from Customers

Net Working Capital

Dec-24

Mar-24

Breakdown of Net Debt (INR Crore)

Dec-24

Mar-24

Term debt

Working capital related debt

Total Debt

Less: Cash and Bank balance

Net Debt

722

24

746

(571)

175

403

77

480

(364)

116

 Net debt declined sequentially by ~INR 150 crore to INR 175 crore aided by

 Receipt of Indemnity proceeds of INR 109 crore which was used to

repay some of existing borrowings, and

 Positive cash flow from operations

 Net working capital continues to remain negative at INR 362 crore as at

December 2024

958

175

955

116

1,133

1,071

48

(362)

441

1,006

1,133

Dec-24 2,789

3

2,422

120

364

3,151

2,045

112

1,106

(362)

56

(585)

490

1,110

1,071

Mar-24 2,048

1

1,981

238

66

2,633

1,508

202

1,125

(585)

| EPC ORDERING GAINING TRACTION

Order Inflow

INR Cr

8,000

6,000

4,000

2,000

0

India

International

6,023

1,169

5,679

1,154

4,387

4,854

4,525

713

FY22

FY23

FY24

9MFY25

Domestic EPC has remained profitable in challenging times

20.0%

0.0%

9.7%

10.4%

9.6%

Gross Margin (FY23)

Gross Margin (FY24)

Gross Margin (9MFY25)

•

•

•

•

•

•

•

•

•

Received LOA for BOS package of 625 MW DC

Received order of 396 MW DC

Received order of 633 MW DC

Received LOI for largest BESS plant in India

Received LOI for a PV project in Karnataka

Received order of 250 MW DC

Received order of 900 MW DC

Received a turnkey solar PV order from AMEA Power in South Africa for a ~140 MW DC project

Received a turnkey package for a 80 MW AC project from Energy Group in South Africa

SWREL received new orders/LOIs totaling ~INR 5,679 cr in 9MFY25

| MOU ANNOUNCED

•

Sterling and Wilson Solar Solutions, Inc (SWSS), the US step down subsidiary signed a MOU with the Government of the Federal Republic of Nigeria, along with its consortium partner Sun Africa in September 2022

• MOU is for the development, design, construction, and commissioning of solar PV power plants aggregating 961 MWp at five different

locations in Nigeria along with battery energy storage systems (BESS) with total installed capacity of 455 MWh

•

•

Final terms have been negotiated

Procedural steps are in progress; Awaiting final contract signing

SWREL signed a MOU with Nigerian government & Sun Africa to design and construct 961 MW

| ORDER BOOK & PIPELINE

Unexecuted Order Value Movement

+5,679

-3,605

+9

8,084

10,167

Gross UOV as on 16 January 2025

Europe 8.0%

South Africa, 11.0%

UOV as on 31 Mar 2024

Adjustments

Order inflow Projects executed

in 9MFY25

UOV as on 16 Jan 2025

SWREL Active EPC bid pipeline remains strong

New order inflows are lumpy – Impacted by cyclicality and seasonality

India, 80.8%

Others 5.6%

MENA 15.0%

INR Cr

Q1

Q2

Q3

27.0 GW

India 79.4%

Note: UOV includes one domestic project where the company has received LOA

FY20

FY21

FY22

FY23

FY24

FY25

1,629

1,057

1,070

3,353

1,601

221

-

466

254

1,858

2,640

2,170

2,044

Q4

987

1,820

244

-

-

364

2,165

488

2,421

1,465

Total

4.743

6,774

719

4,387

6,023

5,679

For further information, please contact:

Company :

Investor Relations Advisors :

Sterling and Wilson Renewable Energy Limited

Strategic Growth Advisors Private Limited

CIN: L74999MH2017PLC292281

CIN: U74140MH2010PTC204285

Mr Sandeep Mathew Head – Investor Relations

Email: ir@sterlingwilson.com

www.sterlingandwilsonre.com

Mr Jigar Kavaiya / Mr. Parin Narichania

+91 9920602034 / +91 9930025733

Email: jigar.kavaiya@sgapl.net / parin.n@sgapl.net

www.sgapl.net