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Sterling and Wilson Renewable Energy's December quarter results showed a nearly 91% decline in consolidated net profit to INR 1.55 crore, mainly due to an exceptional charge of INR 30.84 crore. The decline follows a legal dispute involving a subsidiary and a major subcontractor, where previous claims of INR 485.64 crore were dismissed, and additional legal costs were imposed. Despite the profit drop, revenue from operations rose to INR 2,092.21 crore from INR 1,837.20 crore. The company also announced the upcoming appointment of Rajesh Mittal as Senior VP- IT and Senior Management Personnel.
Sterling and Wilson Renewable Energy reported a significant drop of nearly 91% in its consolidated net profit for the December quarter, with earnings standing at INR 1.55 crore. The decline was primarily due to an exceptional provision of INR 30.84 crore. In comparison, the company had posted a net profit of INR 17.14 crore during the same quarter last year, as per regulatory filings. Advertisement
The filing also highlighted that a wholly-owned subsidiary of the group had terminated a contract with a major subcontractor in a specific region last year due to delays and non-fulfillment of contractual obligations. In the September 2025 quarter, an arbitral tribunal issued an interim award dismissing the subsidiary's claims of INR 485.64 crore (USD 55.06 million) and allowing the subcontractor a claim of INR 57.85 crore (USD 6.44 million) plus interest.
In the September 2026 quarter, the tribunal finalized the order and granted additional legal costs, resulting in an extra charge of INR 30.84 crore for the December quarter. This brought the total charge for the nine months ending December 31, 2025, to INR 610.94 crore, classified as an exceptional item in the unaudited financial results.
Despite the net profit decline, the company's revenue from operations increased to INR 2,092.21 crore during the quarter, up from INR 1,837.20 crore in the year-ago period. Additionally, the board approved the appointment of Rajesh Mittal as Senior Vice President Information Technology and Senior Management Personnel, effective January 20, 2026.
Source PTI
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