Audited Financial Results for the Half Year & Year ended on March 31, 2025 is attached herewith.
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Waa Solar Ltd reported its audited results for FY25 with standalone revenue from operations at Rs 2,765.08 lakh (up 6% from Rs 2,607.66 lakh in FY24), but standalone net profit plunged to Rs 121.83 lakh from Rs 440.33 lakh, a sharp 72% drop. On a consolidated basis, revenue grew modestly to Rs 2,824.61 lakh from Rs 2,668.97 lakh, while net profit (after share of associates) rose to Rs 697.40 lakh from Rs 663.15 lakh, helped by Rs 306.78 lakh share of profit from associates. Standalone total expenses ballooned to Rs 2,901.04 lakh (vs Rs 2,105.30 lakh), with finance costs jumping to Rs 493.25 lakh and depreciation at Rs 373.57 lakh. Operating cash flow turned negative at Rs (358.68) lakh standalone and Rs (454.82) lakh consolidated, against strong positive flows last year. The auditor (JCH & Associates LLP) issued an unmodified opinion.
Mixed picture for shareholders: consolidated earnings stayed stable thanks to associate income, but standalone profitability collapsed and operating cash flow turned sharply negative, signalling stress in the core solar business. Long-term borrowings nearly tripled (Rs 3,397 lakh to Rs 9,742 lakh standalone), pushing the debt-equity ratio from 0.21 to 0.64, which may concern investors about leverage and rising interest costs going forward.