The firm stated that Mehta resigned due to other commitments and pre-occupation. However, he will be continuing as an executive director of the company, it added.

Meanwhile, the company's board, based on recommendation of Nomination and Remuneration Committee, has appointed Dilip Panjwani as the CFO of the company effective from 25 August 2023.

Panjwani is a qualified chartered accountant and company secretary with an experience of more than 26 years in finance, supply chain, commercial and business planning & operations. He has held various leadership positions with companies like Himatsingka Seide Limited, Husk Power, YuppTV, Hinduja Group, Gartner, etc.

Waaree Renewables Technology (WRTL) is subsidiary company of Waaree Group and spearheading the solar EPC business. Waaree Group has successfully installed 10,000 plus solar projects, with a total operating capacity of more than 600 MW. The company is also a solar developer that finances, constructs, owns and operates solar projects.

The company's consolidated net profit rose 11.3% to Rs 11.12 crore on 35.7% jump in net sales to Rs 128.94 crore in Q1 FY24 over Q1 FY23.

Shares of Waaree Renewables Technology declined 0.69% to Rs 1294.50 on the BSE.