Unprecedented Revenue Growth and a Strong Order Book Reflect Waaree’s Dominance in the Renewable Energy Sector:
Gurugram, January 20, 2024, Mumbai: Waaree Renewable Technologies Limited, the Solar EPC arm of the Waaree Group, a leading solar developer involved in financing, constructing, owning, and operating solar projects, has recently disclosed its unaudited financial results for the quarter and nine months ending December 31, 2023. The figures underscore a stellar performance, reinforcing Waaree stature in the renewable energy landscape.
Key Financial Highlights:
Revenue Growth: Waaree Renewable Technologies achieved a remarkable revenue growth of 338.78% YoY for Q3FY24, reaching Rs. 324.19 crores, compared to Rs. 73.88 crores in Q3FY23. The cumulative revenue for 9MFY24 stood at Rs. 603.19 crores, exhibiting a YoY growth of 108.38%.
Profitability Surge: The Profit After Tax (PAT) for Q3FY24 witnessed an extraordinary growth of 158.09% YoY, reaching Rs. 64.46 crores, compared to Rs. 24.98 crores in Q3FY23. The PAT for 9MFY24 grew by 117.98%, reaching Rs. 93.86 crores.
Order Book Strength: As of December 31, 2023, Waaree boasts an unexecuted order book of 749+ MW, indicative of the strong demand for its services. The bidding pipeline also remains robust, promising sustained growth.
Operational Developments:
Strategic Collaboration: Waaree has entered into a collaboration agreement with “5B Maverick Services PTY Ltd.,” a move aimed at enhancing its capabilities and expanding its footprint in the renewable energy sector.
Project Acquisition: The company has secured a substantial 70MW ground-mounted solar power project, reinforcing its commitment to contributing significantly to the renewable energy landscape.
Corporate Action: Waaree’s Board has announced a corporate action involving a stock split, proposing a face value reduction of equity shares in the ratio of 1:5 per share, subject to shareholder approval.
Management’s Perspective:
Commenting on the outstanding results, Mr. Dilip Panjwani, CFO of Waaree Renewable Technologies Limited, highlighted the robust performance during the quarter. The company’s revenues experienced a phenomenal YoY growth of 338.78%, accompanied by a strong profitability surge of over 158%. EBITDA margins stood at an impressive 27.09%, underscoring the company’s focus on operational efficiency and cost control.
Industry Overview:
India’s Renewable Energy sector, particularly solar energy, has emerged as a pivotal player in the nation’s pursuit of sustainable growth and energy security. As of August 2023, solar energy constitutes a significant 17% of the installed power generation capacity, reflecting substantial growth from 2.8% in FY19 to 6.3% in FY23 in power consumption.
Aligned with the government’s commitment to achieving a net-zero emissions target by 2070, India’s solar energy sector remains at the forefront of renewable energy advancements. Initiatives such as the Solar Park Scheme, PM KUSUM, Grid Connected Solar Rooftop Schemes, among others, highlight the country’s dedication to expanding renewable energy sources.
Future Outlook:
Waaree Renewable Technologies Limited expresses optimism about sustaining its momentum. The commitment to global expansion, innovation, product diversification, and increased productivity through automation positions the company for continued success. With a solid balance sheet, substantial net cash reserves, and a disciplined working capital cycle, Waaree is well-prepared to undertake lucrative projects that promise higher returns.
The company extends its gratitude to stakeholders for their continued trust and support, acknowledging their role in driving Waaree forward during this exciting phase of growth.
About Waaree Renewable Technologies Limited:
Waaree Renewable Technologies Limited (WRTL), a subsidiary of the Waaree Group, spearheads the Solar EPC business. With a track record of successfully installing over 10,000 solar projects, accumulating to over 1.2 GW, Waaree operates as a solar developer, offering end-to-end services, including financing, construction, ownership, and operation of solar projects. Headquartered in Mumbai, Waaree operates globally, with a focus on long-term investments in the commercial and industrial customer segments. The company plays a crucial role in promoting renewable energy solutions for individual, industrial, and commercial customers, contributing to carbon reduction and providing clean energy through on-site and off-site solar projects.
As the company navigates the dynamic landscape of renewable energy, the recent financial results affirm Waaree’s commitment to sustainable growth and its strategic position in the renewable energy sector. The stellar performance, coupled with promising operational developments, places Waaree Renewable Technologies Limited at the forefront of India’s renewable energy revolution.
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