From pv magazine India
Sterling and Wilson Solar has announced its financial results for the year ended March 31, 2021.
The company secured orders for 1.96 GW of capacity, but its overall fiscal 2020-21 performance was affected due to one-off exceptional events in the fourth quarter. These included a prime subcontractor going bankrupt in Australia, an increase in prices of modules, higher freight costs, and provisions for liquidated damages due to Covid-19.
“The prices of solar modules have risen by over 35% in last nine months. This was on account of a significant increase in the cost of the key raw material polysilicon. Prices of aluminum, copper and steel have also risen along with freight costs,” said Sterling and Wilson Solar CEO Amit Jain.
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Jain said the sector will likely continue to face some pressure in the near term, due to increases in solar module prices and supply chain disruptions related to the pandemic. Going forward, he said he expects growth to pick up.
Logistics and supply chain issues will likely get ironed out by the second quarter of fiscal 2022 and return to pre-pandemic levels, he said. Operational effectiveness is also expected to normalize in the second half of the fiscal 2021-22 period, he added.
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