Waaree Renewable Technologies Q4 Results: Profit Jumps 83%
The board also approved the appointment of Manmohan Sharma as the chief financial officer.
Waaree Renewable Technologies Ltd.'s net profit jumped 83% year-on-year to Rs 93.8 crore in the fourth quarter of the last financial year.
The renewable energy solutions provider's revenue from operations rose 74% to Rs 476.6 crore in the quarter ended March, according to an exchange filing on Wednesday.
Earnings before interest, taxes, depreciation and amortisation soared 68% to Rs 126.4 crore, while the margin contracted 110 basis points to 26.5% from 27.6%, it said.
In addition to approving the results, the board of directors also agreed to the amended postal ballot notice to seek approval of the shareholders and the agenda, which included, among others, the amendment of memorandum of association of the company, the filing added.
During the meet, it approved some important appointments on Wednesday. These include the approval of Manmohan Sharma as the chief financial officer. It also cleared the appointment of Sudhir Arya as an additional director of the company.
The designation of Sunil Rathi, who was non-executive director, was changed to executive director. It also accepted the resignation of Mitul Mehta as an independent director.
Shares of Waaree Renewable closed 9.13% higher at Rs 1,023.90 apiece on the BSE, compared to a 0.4% advance in the benchmark Sensex.
