The company on Tuesday reported a consolidated net loss of Rs344.80cr for the fourth quarter ended March 2021.
Revenues from operations for FY21 stood at Rs5,081cr and Cash flow from Operations in FY21 stood at Rs201cr.
The company had robust order inflows of Rs7,936cr for FY21 compared to restated order book of Rs4,602cr for FY20. However, the overall financial performance for FY21 was impacted due to one-off exceptional events in Q4FY21 comprising a prime subcontractor going bankrupt in Australia, increase in prices of modules, commodities as well as higher freight cost and provision for liquidated damages on account of delay due to COVID-19.
Commenting on the results, Mr. Amit Jain, Global CEO, said, “The prices of solar modules have risen by over 35% in last 9 months. This was on account of significant increase in the cost of the key raw material ‘polysilicon’. Prices of aluminium, copper and steel have also risen along with freight costs. We expect the sector to continue to face some pressure in the near term on account of rising solar module prices, increase in commodity cost and supply chain disruptions caused due to COVID-19 outbreak. However, we are working with our clients to mitigate these issues and find a win-win solution.
We are geared up to overcome these challenges and expect growth to pick up given the strong fundamentals, government and regulatory commitment, and continued investor interest in the sector. With the COVID-19 wave on the wane globally, we expect logistics and supply chain issues to get ironed out by Q2FY22 and return to pre-COVID levels. We also expect our operational effectiveness to normalise in H2FY22.
Our unexecuted Order Book as on 29th June 2021 stands at Rs9,348cr, which is executable over the period of next 12 to 15 months. Our current bid pipeline continues to remain strong.
Driven by increasing environmental concerns due to the use of conventional energy, the international solar power industry will continue to grow at rapid pace over next 2-3 decades. With our compelling business model, global footprint, deep-rooted client relationships, ability to provide customized solutions and strong track record of executing complex and large-scale projects supported by a robust balance sheet, we are confident of maintaining our position as the leading player in the global solar power EPC market.”
The stock ended at Rs275.80 up by Rs13.4 or 5.11% from its previous closing of Rs262.40 on the BSE.
The scrip opened at Rs249 and has touched a high and low of Rs276.95 and Rs249 respectively.