Pag

e1

June 30, 2020

BSE Limited

Phiroze Jeejeebhoy Towers

Dalal Street

Mumbai – 400001

Dear Sir/Madam,

Sub: Audited Financial Results for the Financial Year ended March 31, 2020

Ref: Scrip Code: 957242

Further to our letter dated April 16, 2020, Board of Directors of the Company at its Meeting

held on June 30, 2020 has approved Standalone and Consolidated Financial Results of the

Company for the financial year ended March 31, 2020.

Pursuant to Regulation 52 of SEBI (Listing Obligations and Disclosure Requirement),

Regulations, 2015 (SEBI LODR), we are enclosing/furnishing the following:

a. Audited Standalone and Consolidated financial results of the Company for the year

ended March 31, 2020 together with auditors report;

b. Statement pursuant to regulation 52(4) of SEBI LODR.

c. Declaration pursuant to Regulation 52(3)(a) of SEBI LODR;

d. Statement pursuant to regulation 52(7) of SEBI LODR.

Thanking you,

Yours faithfully,

For Waaree Energies Limited

Kiran Jain

Company Secretary

Encl: as above

Registered Office: 602, Westem Edge-I, Western Express Highway. Borivali (E), Mumbai - 400 06

00 l Email: vvaaree@vvaaree.com ! e Identity Number: U29248MH J 990PLC059463

One with the Sun

SGCO & Co.LLP Chartered Accountants

Independent Auditor's Report

To, The Board of Directors of Waaree Energies Limited

Report on the audit of the Standalone annual financial results

Opinion

We have audited the accompanying Standalone Financial Results of Waaree Energies Limited ('the Company') for the half year and year ended March 31, 2020 ("Standalone annual financial results "), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended ("Listing regulations").

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone annual financial results:

a. are presented in accordance with the requirements of Regulation 52 of the �isting Regulations in this regard; and

b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the Standalone annual financial results.

4A, Kaledonia, rs Floor, Sahar Road, Near Andheri Station, Andheri (East), Mumbai - 400 069.

Mumbai · Delhi

Tel. +91 22 6625 6363 Fax. +91 22 6625 6364 E-mail: info@sgco.co.in www.sgco.co.in

SGCO & Co. LLP Chart;;md Ae«iunlanti;

Management's and Board of Directors' responsibilities for the Standalone annual financial results

These Standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these Standalone annual financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 52 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error. ln preparing the Standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do SO.

The Board of Directors is responsible for overseeing the Company's financial reporting process.

Auditor's responsibilities for the audit of the Standalone annual financial results

Our objectives are to obtain reasonable assurance about whether the Standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and

S(?CO & Co. LLP Ch.tftNtci Acc<i�nt�11t-'>

obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143{3) {i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of standalone financial statements on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Standalone annual financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone annual financial results, including the disclosures, and whether the Standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

a) We draw attention to Note No 5 to the standalone financial result in which company describes the uncertainties due to the outbreak of SARS-CoV-2 virus (COVID-19). In view of these uncertainties, the impact on the Company's financial statements is significantly dependent on future developments. Our opinion is not modified in respect of this matter.

SGCO & Co. LLP

b) The statement includes the results for the half year ended 315' March 2020, being the balancing figure between the audited figures in respect of the full financial year and the published year to date figures up to the half year of the current financial year which were subject to limited review by us.

For S G C O & Co. LLP Chartered Accountants FRN.11208��100184

Suresh M:,;,.k� Partner Mem. No. 44739 Place: Mumbai Date: 30th June 2020 UDIN: 2 O ol{'(=f-39 AA A Pre. V gq 6 �

SGCO & Co.LLP Chartered Accountants

Independent Auditor's Report

To, The Board of Directors of Waaree Energies Limited

Report on the audit of the Consolidated annual financial results

Opinion

We have audited the accompanying Consolidated Financial Results of Waaree Energies Limited ('the Company') and its subsidiaries (the company and its subsidiaries together referred to as ('the Group')) for the year ended March 31, 2020 ("the Statement"), attached herewith, being submitted by the Company pursuant to the requirements of Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Requlations, 2015 as amended ("Listing regulations").

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements I financial information of the subsidiaries, the aforesaid consoldated financial results

a. include the annual financial results of entities as given below:

i. Waaree Energies Limited (Parent Company)

ii. a) List of Subsidiaries: 1. Blue Rays Solar Private Limited

2. Waaree Solar Energy Private Limited

3. Waaneep Solar One Private Limited

4. Sangam Renewables Limited

5. Waaree Power Private Limited

6. Sangam Solar One Private Limited

7. Sangam Solar Two Private Limited

8. Sangam Solar Three Private Limited

9. Sangam Solar Four Private Limited

10. Rasila International Pte. Ltd.

11. Saswata Solar LLP

4A, Kaledonia, 2nd Floor, Sahar Road, Near Andheri Station, Andheri (East), . Mumbai - 400 069.

Mumbai • Delhi

Tel. +91 22 6625 6363 Fax. +91 22 6625 6364 E-mail: info@sgco.co.in www.sgco.co.in

SGCO & Co. LLP Charttred Aceou11h1lll!

b) Step Down Subsidiaries

12. Sangam Rooftop Private Limited

13. Waasang Solar Private Limited

14. Waasang Solar One Private Limited

15. Waacox Energy Private Limited

16. Waaree PV Technologies Private Limited

b. are presented in accordance with the requirements of Regulation 52 of the Listing Regulations in this regard; and

c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2020.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the Consolidated annual financial results.

Management's and Board of Directors' responsibilities for the Consolidated annual financial results

These Consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these Consolidated annual financial results that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group in accordance with

SG CO & Co. LLP

the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 52 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated annual financial results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the Consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group is responsible for overseeing the financial reporting process of each company.

Auditor's responsibilities for the audit of the Consolidated annual financial results

Our objectives are to obtain reasonable assurance about whether the Consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

SGCO & Co. LLP

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of consolidated financial statements on whether the Holding Company has adequate internal financial controls with reference to consolidated financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the Consolidated annual financial results made by the Management and Board of Directors.

• Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern. ·

• Evaluate the overall presentation, structure and content of the Consolidated annual financial results, including the disclosures, and whether the Consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an opinion on the Consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Consolidated financial results of which we are the independent auditors. For the other entities included in the Consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled "Other Matters" in this audit report.

We communicate with those charged with governance of the Holding Company and such other entities included in the Consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

SGCO & Co. LLP Clmtercct Accounla11�

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

a. We draw attention to Note No. 5 to the standalone financial result in which company describes the uncertainties due to the outbreak of SARS-CoV-2 virus (COVID-19). In view of these uncertainties, the impact on the Company's financial statements is significantly dependent on future developments. Our opinion is not modified in respect of this matter.

b. The annual financial result I financial information of 11 subsidiaries/step Down Subsidiaries whose annual financial results I financial information reflect total assets of Rs. 2341.44 Millions as at 31 March 2020, total revenue of Rs. 29.52 millions and net cash inflows of Rs. 271.05 million for the year ended on that date, as considered in the Consolidated annual financial results, whose annual financial result/information have not been audited by us. These annual financial results which have been audited by other auditors whose report have been furnished to us by the management and our opinion on the Consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries , is based solely on the reports of such auditors and the procedures performed by us as stated in the paragraph above.

c. The financial result I financial information of 5 subsidiaries whose annual financial result/ financial information reflect total assets of Rs. 0.40 millions as at 31st March, 2020, total revenues of Rs. 4.93 millions and net cash inflows amounting to Rs. 0.40 millions for the year ended on that date, as considered in the consolidated Ind AS financial result, whose financial statements I financial information are unaudited and have been furnished to us by the Management and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on such unaudited financial statements I financial information. In our opinion and according to the information and explanations given to us by the Management, these financial statements and other financial information are not material to the Group.

SGCO & Co. LLP

Our opinion on the Consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Board of Directors.

Partner Mem. No. 44739 Place: Mumbai Date: 30th June 2020 UDIN: 200 4'1 �30, ,41\Al+c. \N "'=f I.\ 3g

For S G C O & Co. LLP Chartered Accountants FRN.112081 100184

WAAREE ENERGIES LIMITED CIN : U2S248MH1990PLC059463

Registered Office: 602, Western Edge- I, Western Express Highway, Borivali(East), Mumbai - 400066, Maharashtra. India Tel.: +91-22-66444444 I Fax: -+91-22-66444400 I Website : www.waaree.com I Email: waaree@waaree.com

Statement of Audited Assets and Liabilities as at March 31, 2020 ( Amount in Millions )

Standalone Consolidated Particulars As at 31.03.2020 As at 31.03.2019 As at 31.03.2020 As at 31.03.2019

(Audited) (Audited) (Audited) (Audited)

ASSETS

Al Non-current assets a) Property, Plant and Equipment 609.67 899.27 1,107.53 899.26 b) Capital work-in-progress . - 227.47 . c) Right to use Assets 299.63 - 299.63 . d) Investment Property 3.46 3.48 3.46 3.48 e) Goodwill on Consolidation . - 56.31 1.12 ij Intangible Assets 49.91 37.10 49.98 37.11 g) Intangible assets under development . 2.14 174.76 2.14 h) Financial Assets

i) Investments 1,160.32 959.16 820.00 820.08 ii} Trade receivables 57.89 126.50 57.89 126.50 ii) Security DeposUs 30.49 31.54 32.52 31.80 Iv) other financial asse1S 350.21 107.75 350.34 107.83

g) Deferred tax assets (net) 14.33 . h) Income tax assets (net) 25.64 3.24 37.02 3.75 i) Other non-current assets 39.80 14.19 85.53 14 20

2,841.37 2,184.37 3,302.46 2,047.27

Bl Current assets a) Inventories 2,430.45 1,003.30 2,431.05 999.31 b) Financial Assets

i) Current Investments 34.56 34.57 ii) Trade receivables 1,537.59 2,151.48 1,402.41 2,151.50 ii) Cash and cash equivalents 62.37 222.00 339.45 223.98 iv} Bank balances 354.63 971.59 447.51 971.34 v) Loans 397.91 522.99 566.30 643.99

vi) Other financial assets 406.99 221.83 412.75 221.93 c) Other current assets 437.15 604.38 445.91 606.45

5,663.65 5,697.57 6,079.95 5,818.50 Total Assets 8,505.02 7,881.94 9,382.41 7,865.77 EQUITY AND LIABILITIES EQUITY

a) Equity Share capital 1,971.38 1,971.38 1,971.38 1,971.38 b) Other Equity 1,059.09 639.43 1,017.36 606.89 Total Equity 3,030.47 2,610.81 2,988.74 2,578.27

Non Controlling interest 416.27 0.00 Total Equity 3,030.47 2,610.81 3,405.01 2,578.27

LIABILITIES Al Non-current liabilities

a] Financial Liabilities i) Non-Current Borrowings 333.15 658.33 713.19 658.32 fl) Lease Liabiilties 274.01 274.01 .

b) Long-term provisions 258.26 176.21 258.72 176.19 c) Deferred tax liabilities (net) 16.88 21.82 16.88 d) Other Long-tenm liabilities 9.80 2.40 9.79 2.40

875.22 853.82 1,277.53 853.79

Bl Current �abuilies a) Financial Liabilities

i) Borrowings 173.39 . 204.42 15.44 ii) Lease Liabilities 40.68 . 40.67 Ii) Trade payables 2,996.97 3,077.83 2,918.12 3,077.92 Hi) other financial liabilities 344.74 585.41 477.68 585.41

b) Provisions 134.13 36.92 135.02 36.93 c) Other current liabilities 909.42 717.15 923.96 718.01

4,599.33 4,417.32 4,699.87 4,433.71

Total Equity and Liabilities 8,505.02 7,881.94 9,382.41 7,865.77

Date: 30th June 2020

WAAREE ENERGIES LIMITED GIN : U29248MH 1990PLC059463

Registered Office: 602, Western Edge- I, Weslern Express Highway, Borivali[East), Mumbai - 400066, Maharashtra, India Tel.: +91-22-66444444 I Fax: +91-22-66444400 I Website: www.waaree.com I Email: waaree@waaree.com

Statement of Audited Financial Results for the year ended March 31, 2020 ( Arnou nt in Millions )

Standalone Consolidated Half year Half year Half year Year ended Year ended Year ended Year ended S.No Particulars ended ended ended

31.03.2020 30.09.2019 31.03.2019 31.03.2020 31.03.2019 31.03.2020 31.03.2019

(Audited) (Un Audited) (Audited) (Audited) (Audited)

1 Income (a) Revenue from operafions 10, 125.44 10,142.40 10,366.80 20,267.84 16,045.71 19,957.83 15,910.34 (b) Other income 120.66 115.95 129.80 236.61 176.92 255.29 216.95

Total income 10,246.10 10,258.35 10,496.60 20,504.45 16,222.63 20,213.12 16,127.30

2 Expenses (a) Cost of materials consumed 6,498.83 8,024.85 6,928.66 14,523.68 11,402.75 14,255.18 10,878.04 (b) Purchases of stock-in-trade 1,551.70 615.20 983.88 2,166.90 1,254.61 2,164.01 1,254.61 (c) Changes in inventories of finished goods, work-in-progress and stock-in- trade (181.93) (8.64) 434.46 (190.57) 57.18 (191.16) 87.69 (d) Other manufacturing and EPC project expenses 419.84 349.47 393.50 769.30 695.03 734.25 660.25 (e) Employee benefits expense 261.53 284.37 231.84 545.90 455.97 546.61 43100 (Q Sales,administration,and other expenses 852.27 661.24 751.14 1,513.51 1,276.36 1,530.31 1,218.48 (g) Finance costs 160.53 146.91 144.47 307.44 309.84 326.27 561.14 (h) Depreciation and amortisation expense 133.78 126.31 121.75 260.09 186.98 26809 363.41

Total expenses 9,696.54 10,199.71 9,989.69 19,896.25 15,638.72 19,633.57 15,454.62

3 Profit I (Loss) before exceptional items and tax 549.56 58.64 506.91 608.20 583.91 579.54 672.68 4 Exceptional items - {59.51) - 11.80 370.51 5 Share of Profitl(loss) of Associate - - - (0.02) (0.03) 6 Profit I (Loss) from ordinary activities before tax 549.56 58.64 447.39 608.20 595.71 579.52 1,043.16 7 Tax expense

Current Tax 164.31 28.32 138.24 192.64 169.89 192.56 181.55 Tax for earter years (12.61) 4.91 - (7.70) 0.56 (7.63) 0.56 Deferred Tax (21.41) (9.04) 20.89 (30.45) 4554 (2351) 45.54

8 Net Profit I (Loss) for the period 419.28 34.44 288.27 453.73 379.72 418.10 815.50 9 Addl(Less) Other comprehensive income (0.98) (2.88) 3.83 {3.86) 4.23 (385) 4.24 10 Total comprehensive income 418.29 31.57 292.09 449.86 383.95 414.25 819.74

11 Paid-up equity share capital (Face Value per share of Re. 101-) 1,971.38 1,971.38 1,971.38 1,971.38 1,971.38 1,971.38 1,971.38

12 Other Equity(exciuding revaluation reserve) 1,059.10 639.44 639.44 1,059.10 639.44 1,017.36 606.89

13 Debenture Redemption Reserve 58.50 98.00 137.50 58.50 137.50 58.50 137.50

14 Earnings per share (Basic and Diluted) (Rs.) i) basic (not annualised) 2.12 0.16 1.48 2.28 1.95 2.10 4.16 ii) diluted (not annualised) 2.12 0.16 1.48 2.28 1.95 2.10 4.16

15 Ratios (a) Debt equity ratio (in times} 0.28 0.37 0.40 0.28 0.40 0.42 0.42 {b) Debt service coverage ratio (in times) 2.88 0.99 1.02 1.97 0.87 1.90 1.56 (c) Interest service coverage ratio (in times) 6.24 2.42 5.08 4.51 385 4.13 4.35 (d) Paid-up debt capital ratio (in times) 1.00 1.00 1.00 1.00 1.00 1.00 1.00

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Page 1 of 3

WAAREE ENERGIES LIMITED CIN: U29248MH1990PLC059463

Registered Office: 602, Western Edge· I, Western Express Highway, Borivali(East}, Mumbai - 400066, Maharashtra, India Tel.: ""91-22-66444444 I Fax: +91-22-66444400 I Website : www.waaree.com 1 Email: waaree@waaree.com

The above audited financial results of the Company have been reviewed and recommended by the Audit Committee and approved and taken on record by the Board of Directors in their respective meetings held on June 30, 2020.

2 The financials results have been prepared in accordance with Indian Accounting Standards {'Ind AS') as notified under the Companies (Indian Accounting Standards) Rules, 2015 as specified in Section 133 of the Companies Act, 2013

3 Figures for the half year ended March 31, 2020 as reported in these financial results are the balancing figures between audited figures in respect of the full financial year and reviewed bu not subjected to audited figures of half year ended September 30, 2019.

4 The Coosolidated financial results have been prepared in accordance with the Ind AS 11 O on Consolidated Financial Statements.

5 COVID-19 virus, a global pandemic has affected the world economy including India leading to significant decline in economic activity. Government of India (Gal) has taken significant measures to curb the spread of the virus including imposing mandatory lockdowns and restrictions in activities. Consequently, Company's manufacturing plants and offices had to be closed down for a considerable period of time. As a result of the lockdown, the likely revenue from the month of March'20 has been impacted but despite this company managed lo register a Y-o- Y growth of 26%. Continued lockdowns have also resulted into negative impact on operating margin, supply chain disruption, unavailability of labour etc during March'20 to May'20 . But the Company do not foresee any significant concerns in near future as its products and services cater to solar energy sector which have must run status and the projects under construction also have received relief from Gal in the form of extension of schedule commercial operation date. The Company is oontinuously monitoring the situation and taking necessary actions in response to the developments to minimise the impact and also to safeguard the assets and employees. Management believes that it has taken into account all the possible impacts of known events arising from COVID-19 pandemic and the resultant lockdowns in the preparation of financial statements including but not limited to its assessment of Group's liquidily and going concern, recoverable values of its property, plant and equipment, intangible assets, intangible assets under development and the net realisable values of other assets.'

6 Segment tnformation Operating segments are reported in a manner consistent "Mth the internal reporting provided to the Chief Operating Decision Maker ('CODM') of the Company. As per CODM, the Company operates only in one Business Segment i.e. "Solar Photovoltaic Modules and EPC of Solar Power Plants', hence does not have any reportable Segments as per Ind AS 108 'Operating Segments' in Standalone Financial Statements of the Company. However, in the Consolidated Financial Statements, based on the business activities during the financial year, the Company has identified the following business segments as its primary segments: a) Solar Photovoltaic Modules and EPC of Solar Power Plants b) Generation of Power.

( Amount in Millions J Consolidated

Particulars Year ended Year ended 31.03.2020 31.03,2019 (Audited) (Audited)

A. Segment Revenue Solar Photovoltaic Modules and EPC of Solar Power Plants 19,933.55 15,371.88 Generation of Power 24.28 538.46 Total Revenue 19,957.84 15,910.34

B. Segment Results Solar Photovoltaic Modules and EPC of Solar Power Plants 921.95 864.61 Generation of Power (3.33) 515.67 Less : Unallocable Expenses Less : Depreciation 268.09 363.41 Operating Profit 650.53 1,016.87 Less : Finance Cost 326.27 561.14 Add : Other Income 255.29 216.95 Profit Before Tax & Exceptional Items 579.55 672.68 Add : Exceptional Income 370.51 Share of ProfiU(loss) of Associate (0.02) (0.03) Profit Before Tax 579.52 1,043.16 Less: Tax expense (Net) 161.42 227.65 Profit After Tax 418.10 815.51

C. Segments Assets Solar Photovoltaic Modules and EPC of Solar Power Plants 8,320.19 7,829.00 Generation of Power 1,062.22 38.37 Total 9,382.41 7,867.36

D. Segments Liabilities Solar Photovoltaic Modules and EPC of Solar Power Plants 5,753.54 5,287.48 Generation of Power 223.86 Total 5,977.40 5,287.48

\f 7 Effective April 1, 2019, the Group/Company has adopted Ind AS 116, Leases, using modified restrospective approach. Accordingly, comparitives for lhe year ended March 31, 2019 had not been

retrospectively modified. This has resulted in recognizing right of use of assets of Rs.321.01 Millions (Rs.321.01 Millions in consolidated financial res It a,/,l e iabilily of Rs.351.22 Millions (Rs.351.22 Millions in oonsolidted financials results) as on Apr 01, 2019 and the net impact adjusted in the opening reserves as on April 01, �iR� .. 00>�1 s ( Rs.30.22 Millions in consolidated financial results). The adoption of the standard did not have any material impact on the financial results for the curren�t period. q, a�·

ai Mumbai ::- � _, ' � ,..,,, ""' /. � ....._. . ,

Page 2 of 3

WAAREE ENERGIES LIMITED CIN: U29248MH1990PLC059463

Registered Office: 602, Weslem Edge- I, Western Express Highway, Borivali(Easl), Mumbai· 400066, Maharashtra, India Tel.: +91-22-66444444 I Fax: +91-22-66444400 I Website: www.waaree.com I Email: waaree@waaree.com

8 A new sectioo 115BAA was inserted in Income Tax Act, 1961, by The Government of India an September 20, 2019 vide the Taxation Laws (Amendment) Ordinance 2019 which provides an option to companies for paying income tax at reduced rates in accordance with lhe provisions/conditions defined in the said section. Accordingly, the Company has elected to exercise the option and has recognized provision for income tax for the year ended March 31, 2020 and re-measured its deferred tax balances on the basis al lhe rate prescribed in the said section.

9 During the year, the Company has invested in new Subsidiary "Sangam Renewables Limited' through preferential issue of 1,08,00,000 (One Crore and eight lakhs) equity shares al the price of Rs 18.50/- per share including premium of� 8.50 per share amounting to Rs.199.80 Millions.Further, the Campany came up with an Open Offer for acquiring upto 54,12,700 (Fifty four lakhs twelve thousand seven hundred) fully paid Equity Shares of the "Sangam Renewables Limited• pursuant to regulations 3(1) & 3 (2) of the Securilies and Exchange Board of India (Substantial Aoquisifion of Shares and Takeovers) Regulations, 2011 and subsequent amendments !hereto (Takeover Regulations') and able to acquire 78,841 Shares amounting to Rs 146 MiUions.

10 Comparitive financial information of the previous year ended have been regroupped/rearranged wherever considered necessary to correspond ta the figures of current year ended.

�''"""o�a-rd __

Hitesh Mehta Director & CFO (DIN 00207506)

Page 3 of 3

One with the Sun

June 30, 2020

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai- 400001.

Sub: Disclosure pursuant to Regulation 52(4) of the SEBI (Listing Obligations & Disclosure Requirement) Regulations, 2015

Ref: Scrip Code: 957242 (ISIN INE377N07022)

Dear Sir/Madam,

With reference to the captioned subject please find the details as under:

I. Credit Rating assigned by Infornerics Valuation 15.50% Secured Rated Redeemable Listed NCD Series - and Rating Private Limited II

Rating Assigned - IVR BBB-/Positive outlook (IVR Triple B Minus with Positive outlook)

2. Asset Cover available Greater than 1.0 x 3. Debt Equity Ratio 0.28 4. Particulars Previous Due Dates Next Due Date

Principal Interest Principal Interest 15.50% Secured Rated February 1, 2020 and February 1, 2020 and August 1, 2020 August 1, Redeemable Listed its paid on February 3, its paid on February 3, 2020 NCD Series - II 2020 due to Bank 2020 due to Bank

Strike Strike

5. debt service coverage ratio 2.01 6. interest service coverage ratio 4.88 7. debenture redemption reserve 58.50

(Rs in Millions) 8. net worth (Rs in Millions 3030.47 9. net profit after tax (Rs in Millions) 449.87 10. earnings per share 2.28

WAAREE Energies Ltd. Registered Office: 602, Western Edge-I. Western Express Highway. Borivali (E), Mumbai - 400 066, INDIA. Tel: +91-22-6644 4444 I Fax: +91-22-6644 4400 r Email: waaree@waaree.comrWebsite:www.waaree.com Corporate Identity Number: U29248MH r 990PLC059463

; ·'"· . .. . - . ·' - . " . . . . '. . '·;. �.

One with the Sun

June 30, 2020

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400001

Dear Sir/Madam,

Sub: Declaration for unmodified opm10n with audit report on Annual Audited Standalone and Consolidated Financial Statements for year ended March 31, 2020

Ref: Scrip Code: 957242

This is in reference to the regulation 52(3)(a) of SEBI (Listing Obligations and Disclosure Requirement), Regulations, 2015, we here by confirm that the Statutory Auditors of the Company M/s S G C O & Co. LLP, Chartered Accountants (Firm Reg. No 112081 W/W100184) has issued audit report with unmodified opinion for the Standalone and Consolidated financials for the year ended March 31, 2020.

You are requested to kindly take the same on records.

Thanking you,

Yours faithfully,

FOR W AAREE ENERGIES LIMITED

WAAREE Energies Ltd. Registered Office: 602, Western Edge-I, Western Express Highway, Boriva!i {EJ, Mumbai - 400 066, /NOIA. Tel: +91-22-6644 44441 Fax: +91-22-6644 4400 I Email: waaree@waaree.comIWebsite:www.waaree.com Corporate Identity Number: U29248MH l 990PLC059463

One with the Sun

June 30, 2020

BSE Limited Phiroze Jeejeebhoy Towers Dalal Street Mumbai - 400001

Dear Sir/Madam,

Sub: Statement pursuant to regulation 52(7) of SEBI (Listing Obligations and Disclosure Requirement), Regulations, 2015

Ref: Scrip Code: 957242

This is to inform you that there is no material deviation in the use of proceeds of issue of non-convertible debt securities from the objects stated in the offer documents.

Thanking you,

Yours faithfully,

FOR W AAREE ENERGIES LIMITED

Hitesh Mehta Director & CFO

WAAREE Energies Ltd. Registered Office: 602. Western Edge-I, Western Express Highway. Borivali (EJ, Mumbai - 400 066, INDJA. Tel: +91-22-6644 44441 Fax: +91-22-6644 4400 I Email: waaree@waaree.comIWebsite:www.waaree.com Corporate Identity Number: U29248MH l 990PLC059463