Sterling and Wilson Solar reports over 55% fall in profit at Rs 22 cr in Q3

Sterling and Wilson Solar on Friday reported over 55 per cent fall in consolidated net profit at Rs 22.45 crore for December quarter 2020.

The company clocked a profit of Rs 50.27 crore in the year-ago period, a BSE filing said.

Total income rose to Rs 1,347.64 crore in the quarter from Rs 1,183.28 crore in the same period a year ago.

On the impact of the pandemic it said, during the quarter and nine months ended December 31, 2020, the construction activities at various sites in India and outside India were stalled as per the directives issued by various regulatory authorities.

It said the current level of operations is temporary in nature and therefore may not result in any significant financial impact on the group.

The management has considered internal and external sources in assessing the assets, liquidity, financial position and operations of the group including impact on estimated costs to be incurred towards projects under execution and believes that carrying value of all assets are fully recoverable, it said.

The future impact of this pandemic may be different from those estimated and it will continue to be monitored in future, it added.