Waaree Renewable Technologies Limited has informed the Exchange regarding Appointment of Mr Manmohan Sharma as Chief Financial Officer of the company w.e.f. April 16, 2025.

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AI summary

Waaree Renewable Technologies' board, at its April 16, 2025 meeting, approved several key changes: appointment of Mr. Manmohan Sharma (a Chartered Accountant with 29 years' experience, formerly VP-Finance at GMR Group Energy) as the new Chief Financial Officer; appointment of Mr. Sudhir Arya (ex-CFO and Director-Finance of NTPC, 40+ years in finance) as an Additional Non-Executive Independent Director for a 5-year term; and a change in designation of Mr. Sunil Rathi from Non-Executive to Executive Director. Mr. Mitul Mehta resigned as Independent Director effective the same day. The board also approved the audited consolidated and standalone financial results for Q4 and FY25, with consolidated FY25 revenue from operations at ₹1,59,775 lakhs (up ~82% from ₹87,650 lakhs in FY24) and net profit of ₹22,892 lakhs (up ~58% from ₹14,522 lakhs). An exceptional item of ₹401.88 lakhs was booked towards interest on a GST payment of ₹1,111.65 lakhs. KC Mehta & Co. LLP was appointed as Internal Auditor for FY26.

Likely market impact

Strong FY25 performance with revenue up ~82% and net profit up ~58% year-on-year, reflecting robust growth in the solar EPC business. The new CFO brings deep energy-sector finance experience from GMR Group, while Sudhir Arya's NTPC background strengthens board oversight. Shareholders should note the GST-related exceptional charge and a 10x jump in finance costs, partly funded by higher working capital needs.