Solar cell manufacturer Indosolar Ltd, now acquired by Waaree Energies, has posted a net profit of INR 55 crore for the fiscal year 2025, a sharp turnaround from a loss of INR 15.44 crore in FY 2024.
Q4 FY25 alone contributed an INR 40 crore profit, almost four times the INR 10.2 crore earned in the same quarter last year. Total income from operations for the quarter surged to INR 192.58 crore, up from INR 104 crore in Q4 FY24.
The company’s total income skyrocketed to INR 324.74 crore in FY25 —from just INR 85 lakh in FY24.
This turnaround follows Waaree Energies’ acquisition of the previously loss-making Indosolar as Waaree looked to boost its domestic solar manufacturing capacity. Waaree launched a 1.3 GW solar module facility in Noida, and appointed Amit Paithankar as CEO and Sonal Shrivastava as CFO of Indosolar Ltd.
Recently, the company’s Board of Directors has approved appointment of CEO Amit Paithankar as an additional director of the company designated as non-executive director effective from April 17, 2025, subject to approval of shareholders of the Company. It has also approved the appointment of Mahesh Chhabria as an additional non-executive (independent director) of the company for a term of five consecutive years commencing from April 17, 2025, to April 16, 2030, subject to the approval of the shareholders.
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