Sterling and Wilson Renewable Energy on Thursday reported a nearly 91% decline in its consolidated net profit to ₹1.55 crore in the December quarter, due to an exception provision of ₹30.84 crore.
The company recorded a net profit of ₹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.
1 January 2026
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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 ₹485.64 crore ($55.06 million) by WOS were dismissed, and the subcontractor has been granted a claim amount of ₹57.85 crore ($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 ₹30.84 crore for the quarter.
Accordingly, the group has charged off ₹30.84 crore during the quarter, resulting in a total charge of ₹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 ₹2,092.21 crore from ₹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.
