Sterling and Wilson Renewable Energy Q3 net profit falls 91 pc to Rs 1.55 cr

New Delhi, Jan 15 (PTI) Sterling and Wilson Renewable Energy on Thursday reported a nearly 91 per cent decline in its consolidated net profit to Rs 1.55 crore in the December quarter, due to an exception provision of Rs 30.84 crore.

The company recorded a net profit of Rs 17.14 crore in the year-ago period, according to a regulatory filing.

A year earlier, a wholly-owned subsidiary company (WOS) of the group terminated a contract with a major subcontractor in a particular geography for delays and default of its obligations under the contract, the filing showed.

During the quarter ended September 30, 2025, the arbitral tribunal had passed an interim award in this matter whereby the claims that were considered recoverable of Rs 485.64 crore (USD 55.06 million) by WOS were dismissed, and the subcontractor has been granted a claim amount of Rs 57.85 crore (USD 6.44 million) plus interest.

In the September 2026 quarter, the tribunal passed the final order granting additional legal costs, resulting in an additional charge of Rs 30.84 crore for the quarter.

Accordingly, the group has charged off Rs 30.84 crore during the quarter, resulting in a total charge of Rs 610.94 crore for the nine months ended December 31, 2025, in the statement of unaudited financial results and classified the same as an exceptional item.

However, the revenue from operations in the quarter rose to Rs 2,092.21 crore from Rs 1,837.20 crore a year ago.

The board has also approved the appointment of Rajesh Mittal as the Senior Vice President – Information Technology (IT) and Senior Management Personnel (SMP) of the company, effective January 20, 2026. PTI KKS KKS BAL BAL BAL