SwSolar has posted another quarter with very weak results. Inspite of continuous comentary from management about improvement in performance, still things are getting worse and I can’t see improvement in any financial parameter. its becoming really frustrating. Few key lowlights from Q2 result.
- Significant and sudden drop in revenue
- Gross margin continue to remain -ve and moving continuously into deep negative trajectory
- Equity infused after RIL joined as promoter has almost disappeared in few quarters.
- Gross borrowing has also increased by almost 1000 cr during the quarter
In addition to the bad quarterly performance, i think company is also trying to act cute. They have released NTPC order win again just after release of results. Many people thought that that was a new order win. Below are few queries, I am unable to unable to understand.
- Does the order book of ~2600 cr includes NTPC order or that will be accounted in Q3
- Why company exited orders worth ~900 cr in Q2
- What is the reason for suden increase in gross borrowing.
Would request others to comment who are following the company or sector closely.
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