Waaree Renewable Technologies Limited Delivers Stellar Q1 FY25 Performance

Waaree Renewable Technologies Limited, the Solar EPC arm of Waaree Group, has announced exceptional financial results for the first quarter ended June 30, 2024 (Q1 FY25). The company’s revenue surged by an impressive 83.31% year-on-year to reach ₹236.35 crores, demonstrating robust growth in its solar EPC operations. This strong top-line performance was complemented by an equally impressive increase in EBITDA, which soared by 206.60% to ₹41.08 crores, reflecting improved operational efficiency and cost management.

The company’s profitability also witnessed significant growth, with PAT rising by 208.51% year-on-year to ₹28.16 crores. This substantial increase in profitability underscores Waaree Renewable Technologies’ ability to effectively monetise its project pipeline and generate superior returns for shareholders The EPC segment, in particular, delivered outstanding results, achieving customer billing of ₹301.30 crores for a volume of 302.95 MWp, showcasing the company’s strong execution capabilities and market leadership.

With a robust unexecuted order book of 2,191 MWp and a promising bidding pipeline of 15.5 GW, Waaree Renewable Technologies is well-positioned to capitalise on the growing demand for solar energy solutions. The company’s recent order wins, including 30 MWp and 26.4 MWp ground-mounted solar projects, a 700 KWp rooftop project, and a 1.090 MWp floating solar project, further solidify its position as a dominant player in the Indian solar market.

Commenting on the results, Mr Dilip Panjwani, CFO of Waaree Renewable Technologies Limited, said: As a company dedicated to sustainability, we are pleased to share our progress and future prospects. By June 2024, India’s solar energy capacity has exceeded 85 GW, accounting for 19% of the country’s total power capacity. This milestone underscores India’s significant role in the global renewable energy sector, with the government prioritising the energy transition and providing robust policy support emphasising solar energy.”

He added, “India’s commitment to cutting carbon intensity, achieving 50% renewable energy by 2030, and reaching net-zero emissions by 2070 is clearly demonstrated. Solar energy now represents 85% of all new renewable capacity, signalling a strategic shift towards greater energy security and reduced reliance on fossil fuels.”

He further stated “The benefits of India’s renewable energy investments extend beyond environmental improvements. This sector enhances energy security by reducing reliance on imported fossil fuels and drives technological advancements, leading to economic growth. With ongoing technological progress and supportive policies, we are confident to capitalise on these opportunities. Our robust order pipeline and strong balance sheet position us to deliver significant value to our stakeholders while furthering global sustainability efforts.”

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