Sterling & Wilson Renewable Energy Limited (SWREL) has posted a net profit of ₹1.40 crore during the quarter ended March 2024 on account of increased income.

It had reported a net loss of ₹421.11 crore in the January-March period of preceding 2022-23 financial year, the company said in an exchange filing on Saturday.

For the whole of FY24, the company reported a narrowing of its net loss to ₹210.79 crore from ₹1,174.96 crore net loss recorded in FY23.

During the fourth quarter of FY24, the company's total income increased to ₹1,211.40 crore from ₹86.36 crore in the year-ago period. While the income rose to ₹3,120.79 crore during the full fiscal from ₹2,125.87 crore in the preceding fiscal.

The expenses in the reporting quarter were at ₹1,177.66 crore, up from ₹503.88 crore registered in the same period last fiscal. The expenses were at ₹3,293.11 crore in FY24 as against ₹2,304.61 crore in the previous fiscal.

In an investor presentation, the company said it had unexecuted orders worth ₹8,084 crore as of March 2024 compared to orders worth ₹4,913 crore as of March 2023.

The company has received new orders worth ₹488 crore during the quarter. The figure was arrived after the company was declared the lowest bidder for a second floating solar module project in the country.

The company also received its second international order in Q4 from Enfinity for a balance of system project in Italy, amounting to 20 million euros.

"We have received total orders/LOI (letter of intent) in 13 projects worth ₹6,023 crore in FY24 compared to new order inflow of ₹4,387 crore in FY23," the company said.

Total net debt stood at ₹116 crore in FY24 as against ₹1,966 crore a year ago.

The company further said its net working capital continues to remain in negative at ₹585 crore compared to ₹445 crore in the 2022-23 financial year.