Sterling And Wilson Solar Limited has informed the Exchange about Investor Presentation
August 15, 2021
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 Consolidated and Standalone Financial results of Sterling and Wilson Solar Limited (“the Company”) for the quarter ended June 30, 2021
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 Consolidated and Standalone Financial results of the Company for the quarter ended June 30, 2021.
The above is for your information and record.
Thanking you.
Yours faithfully, For Sterling and Wilson Solar Limited
Jagannadha Rao Ch. V. Company Secretary and Compliance Officer
Encl.: As above
Sterling and Wilson Solar Limited An Associate of Shapoorji Pallonji Group Registered Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai – 400 043 Phone: (91-22) 25485300 | Fax: (91-22) 25485331 | CIN: L74999MH2017PLC292281 Email: info@sterlingwilson.com | Website: www.sterlingandwilsonsolar.com
STERLING AND WILSON SOLAR LIMITED STERLING AND WILSON SOLAR LIMITED
Noor Abu Dhabi - World’s Largest Single Location Solar Project
Analyst Presentation Q1FY22 Investor Presentation 15th August 2021 November 2019
Safe Harbor
This presentation and the accompanying slides (the “Presentation”), which have been prepared by Sterling and Wilson Solar Limited (the “Company”), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.
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.
This presentation contains certain forward looking statements concerning the Company’s future business prospects and business profitability, which are subject to a number of risks and uncertainties and the actual results could materially differ from those in such forward looking statements. 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.
1
Contents
1
2
3
4
5
Key Highlights
Order book
Financials
Expansion of renewable offerings
Way Forward
4
5
10
18
20
2
Our Global presence (11.4 GW EPC Portfolio)
3
Key Highlights for Q1FY22
Order inflow and Order book
✓ Order inflow till date at Rs 473 crore (623 MW)
✓ 8.7 GW contracted O&M as at date
✓ Gross Unexecuted Order Value (UOV) as at date is Rs 8,731 crore (before adjusting for revenue post 30th June 2021)
Financials
✓ Revenue for Q1FY22 grew by 12% to Rs 1,195 crore
✓ Due to the impact caused by the increase in module and commodity prices, adjusted gross margins in Q1FY22 continue to remain supressed for
ongoing projects
✓ Negative Net working capital of Rs 571 crore as at 30th June 2021
✓ Repaid term debt (principal) of Rs 2,447 crore since listing till date. Interest on term debt is serviced separately on a monthly basis
✓ Intercompany deposit (ICDs) of Rs 2,131 crore (Principal + Interest) repaid from the date of listing till date (includes Rs 172 crore paid since
April 2021)
✓ The Nomination and Remuneration Committee at its meeting held on August 14, 2021, has approved the grant of 13,01,213 ESOP to the eligible employees exercisable into not more than 13,01,213 equity shares of face value of Rs. 1/- each at the exercise price of Rs. 238 per share
4
Geographical diversification
EPC Revenue break-up by geography
FY20
FY21
Q1FY22
18 Projects 9 Countries
Australia 5.9%
MENA 23.7%
INR 4,829 crore
Americas 27.0%
Africa 4.9%
Orders booked by geography
Australia 38.0%
MENA 3.8%
INR 4,603 * crore
India 27.1%
SEA 11.4%
India 41.1%
17 Projects 9 Countries
India 23.8%
14 Projects 7 Countries
INR 5,391 crore
Africa 1.5%
Australia 42.5%
Americas 20.6%
Australia 64.3%
Americas 26.3%
MENA 11.3%
India 4.6%
INR 7,936 crore
Americas 17.0%
Australia 69.1%
INR 1,133 crore
India 8.7%
Africa 0.7%
Americas 25.3%
MENA 1.1%
INR 221 crore
India 100.0%
Unexecuted Order Value (UOV) break-up by geography
Europe 4.7%
India 22.9%
MENA 9.2%
MENA 10.4%
Europe 2.9%
India 5.2% Africa 6.8%
MENA 11.1%
Europe 3.1%
India 7.2% Africa 7.4%
INR 8,479 crore
INR 5,581* crore
Africa 12.3%
INR 9,127 crore
Americas 24.7%
10 Projects 8 Countries
Australia 26.1%
18 Projects 9 Countries
Americas 31.2%
Australia 43.5%
18 Projects 9 Countries
Americas 32.1%
* Restated as per the policy to only include projects in the order book post signing of the customer contract
Australia 39.2%
5
Orders finalisation in FY22 postponed to H2FY22 due to rise in costs
Module price trends (price in USD per Wp)
LME Index (USD /MT)
Indian Steel Price (Rs/ MT)
Freight rates Ex China (per 40 feet container)
0.248
Aluminum
Copper
66,500
LATAM
Australia
13,500
0.221
9,005
9,433
53,790
0.190
6,719
1,745
2,192
2,491
45,000
9,300
7,500
2,000
4,900
1,800
Sep ’20
Mar ’21
Jul ’21
Sep ’20
Mar ’21
Jul ’21
Sep ’20
Mar ’21
Jul ’21
Sep ’20
Mar ’21
Jul ’21
All the above factors led to a sharp increase in the project cost for IPP’s resulting in delay in finalization of orders in the International Market
Pipeline for FY22 continues to be robust and expect significant orders to be awarded by IPP’s in H2FY22
We expect to maintain strike rate of 14% to 15% for FY22
Key Highlights
6
Order Inflow – April to June 2021 and till date
Country
India April to June 2021 (a)
June 2021 onwards India June 2021 onwards (b)
TOTAL (a + b)
MW
338 338
285 285
623
INR. Crore
221 221
252 252
473
UOV as at 14th August 2021 ~ INR 8,731 Crore (before adjusting revenue post 30th June 2021)
MENA 10.8%
Europe 3.0%
India 9.9% Africa 7.2%
INR 8,731 crore
Australia 38.1%
Americas 31.1%
7
Unexecuted Order Value (UOV) Movement
INR Crore
#
9,127
+183
+221
+81
-1,133
[EPC Revenue]
+252
#
8,479
#
8,731
UOV as on 31 Mar 2021
Price variations approved
Orders in Q1FY22
Other adjustments
Projects executed in Q1FY22
UOV as on 30 June 2021
New Orders post Q1FY22
UOV as on 14 Aug 2021
Gross UOV as on 14th August 2021 (before adjusting revenue post 30th June 2021)
MENA 10.8%
Europe 3.0%
India 9.9% Africa 7.2%
INR 8,731 crore
Australia 38.1%
Americas 31.1%
#
The Company believes that there are orders amounting to Rs 2,030 crore which may now be unviable for developers considering increased module and commodity costs. The same have not been adjusted in the UOV given above and are subject to ongoing discussions with the Developers
8
O&M Business – Key Highlights
Operational Highlights
8.7
GW of solar power projects with active service contracts
185
Sites including third party
47%
Third party contracts O&M
INR Crore
Revenue from O&M Operations
252
61
Q1FY22
FY21
Operating EBIT & EBIT Margin %
34.4%
39.5%
100
21
Q1FY22
FY21
9
Consolidated Profit & Loss – Q1 FY22
INR Crore
Q1FY22
Q1FY21
FY21
Key Highlights
Revenue from Operations
Gross Margin
Gross Margin %
Less: Mark to market loss Adjusted Gross Margin
Adjusted Gross Margin %
Other Income
Recurring Overheads
Recurring Overheads % Non-recurring Overheads
Accelerated MTM on cancellation of forward cover Forex EBITDA
EBITDA Margin %
Depreciation EBIT
EBIT Margin %
Interest Income
Less : Interest Expenses
Net Interest Income PBT
PBT Margin %
Current Tax expense
Effective current tax rate
Deferred Tax expense/ (credit) PAT
PAT Margin
Note: All margin % are based on Revenue from Operations
1,195
59
4.9%
(31) 28 2.3% 6 80 6.9% 3
49
(5) (93)
1068
114
10.7%
(2) 112 10.5% 2 80 7.5% -
-
16 18
5,081
83
1.6%
(20) 63 1.2% 27 324 6.4% 49
37
43 (363)
(7.8%)
1.7%
(7.1%)
3 (96)
4 14
16 (379)
(8.0%)
1.3%
(7.4%)
22 (13) 9 (87)
30 (25) 5 19
132 (93) 39 (340)
(7.3%)
1.8%
(6.7%)
(1)
(1.2%)
(10) (76) (6.4%)
-
0%
2 17 1.6%
12
3.5%
(62) (290) (5.7%)
Revenue higher in Q1FY22 compared to Q1FY21 as project execution was impacted in Q1FY21 on account of COVID-19
O&M constitutes 5.1% of revenue in Q1FY22 compared to 5.9% in Q1FY21
Due to the impact caused by the increase in module and commodity prices, adjusted gross margins in Q1FY22 continue to remain suppressed for ongoing projects. Module price movement has been explained in the subsequent slide
Recurring Overheads remained at same level despite the corresponding previous quarter having lower salary and travel cost due to Covid -19
Accelerated MTM represents loss on account of cancellation and rebooking of forward contracts on expiry relating to ongoing projects which resulted in accelerated accounting of losses (Refer note 11 of Q1 results). The same has been flushed out from effective portion of cash flow hedge of OCI resulting in negligible impact on Shareholder's fund
EBITDA impacted for Q1FY22 due to lower gross margins and accelerated MTM on cancellation of forward cover
Net interest income higher in Q1FY22 due to higher interest spread on ICDs and
repayment of borrowings
* SWSL being an EPC company, the revenue, orders inflows and gross margins could be lumpy due to geographical mix and stage of execution in any particular quarter and hence comparison on of corresponding previous period will reflection and not be performance for a quarter may not be a representative of full year
the project
true
10
Module price movement
Module price trends (price in USD per Wp)
Key Highlights
0.256
0.248
0.243
0.232
There has been an unprecedent increase in the module prices since Jan 2021
The global Solar EPC industry has been impacted with several module manufacturers refusing to honour past price contracts given the sharp increase in cost of modules
In some cases, module manufactures have reneged on honouring their contractual commitments and have sought to substantially increase their module prices
This has resulted in an overall increase in the estimated cost of the projects by US$ 21 mn (after adjusting for compensation from customers) which has been considered in the margin workings
0.221
0.217
0.212
0.190
Oct 20
Jan 21
Feb 21 Mar 21
Apr 21 May 21
Jun 21
July 21
11
Other Comprehensive income – Q1FY22
Derivative contracts
The Group has taken forward contracts (including cross currency hedge) to hedge the exposure of currency fluctuation in respect of receivable from customers, trade payables and letter of credit.
The AUD-INR derivative contracts were taken for receivable from customers and AUD-USD and USD-INR derivative contracts was taken for trade payable and letter of credit payments.
As per Ind AS 109, when a derivative is designated as a cash flow hedging instrument, the effective portion of changes in the fair value of the derivative is recognised in Other Comprehensive Income (‘OCI’) and accumulated in the other equity under 'effective portion of cash flow hedges’.
Any ineffective portion of changes in the fair value of the derivatives is recognised immediately in the statement of profit and loss.
On utilization of forward contract on the date of maturity the effective portion of cash flow hedge reserve previously recognized in Other Comprehensive Income is recycled into
profit or loss which would be off set by increase in revenue or restatement of receivable/payables.
The order value for a hedged project in INR terms at the time of booking was INR 2,626 crore has also gone up by INR 114 crore thereby compensating the amount lying in OCI.
The notional value of derivative contracts outstanding as at 30th June 2021 and the effective and ineffective portion as at 30th June 2021 is tabulated below:
INR Crore
Q1FY22 Q1FY21
FY21
Other comprehensive income
- Not reclassified subsequently to profit or loss
- Reclassified subsequently to profit or loss
- Effective portion of cash-flow hedge reserve (net of deferred tax credit)
- Foreign currency translation
Total other comprehensive income
-
1
68
2
70
(74)
(51)
(124)
Effective portion of Cash flow Hegde (Amount in Crore)
Notional currency and value
Effective portion of changes in the fair value of derivative contract – recognized in OCI
Effective portion of changes in the fair value of derivative contract – reclassified to P&L
Ineffective portion of changes in the fair value of derivative contract – recognized in statement of profit and loss Total Tax impact Net impact on OCI and statement of profit and loss
AUD- INR
AUD- USD
USD- INR
-
-
-
-
- -
-
15 AUD 0.3 USD
9.6
0.4
80.0
-
89.6 (22.2)
67.4
-
-
0.4 (0.1)
0.3
12
Consolidated Balance Sheet
INR Crore
June-21
Mar-21
Key Highlights
Sources of Funds Shareholders Funds Borrowings from Banks Total Application of Funds Fixed assets (including right to use assets) Deferred tax and income tax balance GST and VAT balances (net) Inter Company Deposits Bank balance (including fixed deposit) Core Working Capital Other assets/ (liabilities) Total
651 438 1,089
45 157 293 741 336 (571) 88 1,089
Breakdown of Core Working Capital
June-21
Current Assets
Inventories
Receivables (net of LD provision) Receivable days Advances to suppliers
Current Liabilities
Trade payables Payable days Advances from Customers
Net Working Capital
Net Working Capital days
1,425
6
1,210 92 209
1,996
1,706 135 290
(571)
-
658 468 1,126
47 155 299 885 296 (530) (26) 1,126
Mar-21
1,652
3
1,431 103 218
2,182
1,857 136 325
(530)
-
Source of Funds
Shareholders funds declined marginally on account of loss for the year offset with recycling of effective portion of derivative contract from OCI to income statement
Borrowings from Banks as at 30th June 2021 includes term debt of Rs 64 crore and working capital of Rs 374 crore. Decrease in borrowings is on account of repayment of ICDs
Application of Funds
Business continues to remain asset light
Deferred tax and income tax balance is on account of recognition of Deferred tax assets on loss and effective portion of cash flow hedges recognized in OCI.
Inter Company Deposits balance lower as at June 21 due to repayment of ICDs and interest thereon
Core working capital
Negative working capital of Rs 571 crore as at June 21 compared to
negative working capital of Rs 530 crore as at Mar 21
Negative working capital is driven by combination of higher collections,
efficient management of working capital and advance from customers. There do exist delay in payment to certain vendors
Trade receivables as at June 21 includes Rs 445 crore due for more than a
year. Further details on receivables provided in the subsequent slide
Other liabilities has seen a major reduction of Rs 72 crore of derivative liability
13
Analysis of receivables > 1 year as at June 2021
Mix of receivables > 1 year as at June 2021 – Rs 445 crore
Comments
Others 29%
Argentina 27%
Rs 129 cr
Rs 120 cr
Rs 136 cr
Rs 60 cr
Matter under NCLT 14%
Related party 30%
Key receivables outstanding for more than 1 year of Rs 445 crore as at June 2021 comprise
- Matter under NCLT - Net Receivables is Rs 60 crore (after ECL provision of Rs 31 cr). The same has been explained in the subsequent slide
-
-
Argentina receivables of Rs 120 crore –During the Q1FY22, the customer has initiated arbitration proceeding for recovery of LDs and unsubstantiated cost amounting to Rs 227 crore (including LD). The Company has also made a claim of Rs 94 crore towards prolongation cost, Interest on overdue payment etc. based on the contractual rights
Related party receivables of Rs 136 crore - The Company has received business of ~Rs 1,320 crore from related parties over the last 4 years and receivables outstanding as at June 2021 is Rs 136 crore. This includes receivables of Rs 102 crore against which the Company has received unconditional assurance of proceeds from sale of plant
- Other receivables comprise Rs 129 crore of which Rs. 18 cr has
been collected till date. Management is confident of collecting the balance old receivables
14
IL&FS Receivables assured by Embassy Energy
Facts
Claims Status
Management assessment
During the year ended 31 March 2020, the Company has initiated legal proceedings in both these matters: the matter in respect of the customer / developer in currently pending with the NCLT and the matter in respect of the customers bank is currently pending with the National Company Law Appellate Tribunal
In FY20, the Company has also filed claim against the Developer for recovery of Rs 92.45 cr plus interest thereon
The Company has sought legal opinion regarding the amount due from the developer as per their assurance letter and from the customer’s bank due to failure to pay confirmed Letters of Credit and has been advised that the said amounts are recoverable
The amount of Rs 92.45 crore and Rs 64.10 crore is shown under the head Trade Receivables and Other Financial Assets, respectively
Basis the aforementioned legal opinion and the management assessment, inspite of being confident of full recovery, considering the expected credit loss requirement of Ind AS 109 "Financial Instruments", the management has recognised the provision to the extent of Rs Nil crore ( 31 March 2021: Rs 31.33 crore) for the quarter ended 30 June 2021, based on management's best estimate of collection of the aforementioned receivables as at 30 June 2021
The Company had entered into a contract for a 100 MW AC Photovoltaic plant in the state of Karnataka with IL&FS (“customer”) to cater to inhouse power demands of the large office space facilities at Bangalore of Embassy Energy Private Limited (“developer”)
The works were majorly completed by end February 2018 and the balance work was pending due to non- availability of land, which was in the scope of the customer
In October 2018, the National Company Law Tribunal ("NCLT") actions were initiated against the customer group and the Holding Company issued a work suspension notice to the customer, for balance of payments, with a copy to the developer.
The developer issued directions to the Company, vide a letter, to go ahead with the works/maintenance of the plant where in they also assured the Holding Company that they would make the payment if the customer failed to pay. As on date the customer owes SWPL Rs 92.45 crore.
In addition, an amount of Rs 64.10 crore under confirmed, irrevocable Letters of Credit arranged by the customer from their bank (‘Axis Bank’) mainly for the supplies which had been discounted by SWSL, after confirmation both from the customer and their bank, became due.
Due to the NCLT actions against the customer group, the customer’s bank refused to make the payment to the Company’s bank citing prevention against doing the same due to the NCLT order, and the Holding Company had to return the amount back to its bank.
15
Consolidated Cashflow
INR Crore
Profit before tax
Adjustments for noncash / other items
Operating profit before working capital changes
Working Capital Adjustments
Cash flows generated from Operating Activities
Income tax (paid) / Forex translation
Net Cash flows generated from Operating Activities
Inter Company Loan given
Inter Company Loan repaid
Interest received
Fixed Deposit
Fixed Assets etc
Net Cash flows generated from Investing Activities
(Repayment) /Proceeds from External Borrowings (Net)
Interest paid
Dividend
Others
Net Cash flows generated from Financing Activities
Net Cash increase
Net movement in currency translation
Cash and cash equivalent at the beginning of the period
Cash and cash equivalent at the end of the period
Q1FY22
(87)
123
36
(105)
(68)
(9)
(77)
-
155
10
21
(3)
183
(30)
(12)
-
(1)
(44)
63
0
220
283
FY21
(340)
96
(244)
557
313
(112)
201
-
219
244
(38)
(16)
409
(756)
(93)
-
(5)
(853)
(243)
(0)
463
220
Key Highlights
Cash flow from Operations
Cash flow from Operations negative due to payment towards MTM losses on cancellation and rebooking of forward contracts
Cash flow from Investing activities
No further ICDs given post date of listing
Cash flow from investing activity positive in Q1FY22 due to receipt against ICDs and interest thereon
Cash flow from Financing activities
Cash flow from Investing activities has been used to repay borrowings and interest thereon
Cash and cash equivalents
Cash and cash equivalents represent Bank balances in various accounts across the world
16
External Debt and Intercompany Deposit movement post listing
INR Crore
Term Debt
Intercompany Deposit (ICDs)
Note: the above table excludes interest
• Term debt reduced by Rs 2,477 crore from the date of
listing till date
• Repayment schedule of term debt of Rs 64 crore
• Rs 24 crore payable in Q2 FY22 • Rs. 40 crore payable in Q3 FY22
• Repayment timelines till September 2021 • Securities created of Rs 805 crore • 400 basis points spread agreed
17
Business expansion – EPC for Waste to Energy plants
Focus on generating energy in the form of electricity and/or heat by using Municipal solid waste (MSW), biomass etc. as feedstock using Municipal Waste Incineration
▪ 400 mn tons of waste annually processed to produce energy
Geographical split of ~2500 WTE plants
Global Market
▪ ~US$ 5.25bn annual market till 2027
▪ ~70 new plants estimated per year until 2027
▪ UK and Europe constitutes 40+% of the Global market
▪ Depleting conventional energy resources
▪ Increasing municipal solid waste (MSW) generation
▪ Global need to decline the landfill sites
▪ Favorable regulatory policies encouraging proper waste disposal
▪ Rapidly increasing number of waste to energy projects across geographies
Key Growth Drivers
Others, 314
North America, 86
Europe, 600
Asia Pacific, 1500
▪ Strong Existing Relationships with Clients across globe will provide access to markets
Synergies
▪ Our global execution ability will help in quick geographical understanding and on time execution
▪ Increased presence in ESG Space
Source: ecoprog.com, datatopics.worldbank.org, mordorintelligence.com, management estimate
18
Business expansion – EPC for Hybrid Energy & Battery Storage
Hybrid energy focuses on solutions involving two or more sources of energy with or without energy storage. Battery energy storage systems are rechargeable battery systems that stores energy and provide the same when required
▪ Hybrid market expected to grow at 8% CAGR to US$ 3.7 bn by 2025
▪ Battery Energy Storage Systems (BESS) and Energy storage systems (ESS) to grow 2x in next 4
Annual installations of battery energy storage
years to $12 Billion annually
▪ US, China and Australia are the large markets in BESS
▪ Reduction in battery cost is driving increased adoption of BESS
▪ Integration with storage/ hybrid energy to provide reliable power to grid reducing fluctuations
▪ Innovation & Improvements in the ESS sector are bringing new technologies thus increasing the
market potential
30
22
▪ Solar + BESS becomes a single window offering single point responsibility and uninterrupted
10
reliable power commitment
GW hrs
82
78
63
42
▪ Already have presence in markets expected to see the highest growth in battery storage
2019
2020
2021
2022
2023
2024
2025
▪ Quickly ramp up battery storage business by adding a team of battery experts as sales,
execution and design & engineering teams will be common for the businesses
▪ Clients for battery storage projects are generally large IPP’s and we have strong relationships
with most of them
Global Market
Key Growth Drivers
Synergies
▪ A common execution team under Hybrid / Solar + ESS provides single point ownership, reduction
in cost and on time performance
Source: marketresearchengine.com, BNEF, Energy Storage Grand Challenge Energy Storage Market Report 2020
19
Way Forward
Strong Pipeline
o ~80% of order finalization to happen in H2FY22 o Expect to maintain strike rate of 14 -15% for FY22
Target large markets
Grow O&M portfolio
o North America market size ~19.5 GW in CY21 o Europe market size ~7 GW in CY21
o Grow O&M portfolio by 40%+ in FY22 in range of 11.5 to 12 GW o Increased focus on third party O&M in International markets
Expand new business
o Leverage client relationships to gain meaningful market share in
rapidly growing battery storage and WTE business o Explore partnership/ ties up in battery storage business
20
THANK YOU
For further information, please contact:
Company :
Investor Relations Advisors :
Sterling and Wilson Solar Limited
Strategic Growth Advisors Private Limited
CIN: U74999MH2017PLC292281
CIN: U74140MH2010PTC204285
Mr Vishal Jain Head – Investor Relations
Mr Jigar Kavaiya / Mr. Parin Narichania
+91 9920602034 / +91 9930025733
Email: ir@sterlingwilson.com
Email: jigar.kavaiya@sgapl.net / parin.n@sgapl.net
www.sterlingandwilsonsolar.com
www.sgapl.net
21