Waaree Renewable Technologies Shares Zoom 5%: Released Q2 FY25 Results

Waaree Renewable Technologies Limited, the Solar EPC arm of the Waaree Group, has announced its unaudited financial results for the second quarter and half-year period ending September 30, 2024. The company, a leading solar developer, finances, constructs, owns, and operates solar projects, showing robust growth in both its revenue and operational performance. Waaree Renewable Technologies was recently listed on stock exchanges on October 28, 2024, at a price of ₹2,500 per share. 

Q2 FY25 Performance 

For Q2 FY25, Waaree Renewable Technologies reported revenue of ₹524.47 crores, reflecting a remarkable growth of 249.50% year-on-year compared to ₹150.06 crores in Q2 FY24. EBITDA for Q2 FY25 stood at ₹71.57 crores, a significant increase of 133.27% from ₹30.68 crores in the same period last year.

H1 FY25 Performance

For the half-year period (H1 FY25), the company posted revenue of ₹760.82 crores, marking a growth of 172.70% compared to ₹279.00 crores in H1 FY24. EBITDA for the first half of FY25 grew by 155.56%, reaching ₹112.65 crores, up from ₹44.08 crores in H1 FY24.

The EPC segment delivered exceptional performance, achieving customer billing of ₹583.36 crores for a total volume of 528.56 MWp, compared to ₹141.09 crores for 169.59 MWp in the previous year. This reflects the company’s ability to scale up its solar projects and meet growing customer demand.

Increased Order Book

Waaree Renewable Technologies also reported a strong order book position, with an unexecuted order book of 1.7 GWp, which is expected to be executed over the next 9-12 months. The company’s bidding pipeline remains robust, standing at 17.8 GWp, indicating promising growth potential in the future.

In terms of new projects, Waaree continues to expand its capacity with key solar power projects under development. These include a 30 MWp ground-mounted solar power project, a 3.4 MWp ground-mounted project, a 26.4 MWp ground-mounted project, and a 1.09 MWp floating solar power project, further strengthening its position in the renewable energy sector.

Commenting on the results Mr Dilip Panjwani, CFO of Waaree Renewable Technologies Limited said: “We are pleased to announce the highest-ever quarterly revenue in the company’s history at ₹524.47 crores with a volume of 528.56 MWp which reflects robust execution capabilities build on strength of the highly scalable platform. WRTL continues to invest strongly in technology reflecting in the successful execution of complex projects in Floating Solar and Battery Energy Storage Systems.” 

He added, “India’s dedication to reducing carbon intensity, achieving 50% renewable energy by 2030, and reaching net-zero emissions by 2070 is evident. As of August 2024, RE installations have expanded nearly fivefold to approximately 200 GW from around 63 GW in March 2012. This impressive growth has been primarily driven by solar power which surged to approximately 89 GW in August 2024. This growth highlights India’s critical role in the global renewable energy landscape, with robust government policies prioritizing solar energy in the nation’s energy transition.”

He further stated, “ With continued technological advancements and policy support, we are well-positioned to capitalize on these opportunities. Our strong order book and healthy balance sheet empower us to deliver lasting value to our stakeholders while advancing in global sustainability.”

On November 6, 2024, Waaree Renewable Technologies shares opened at ₹1,734.75 and touched the day high of ₹1,734.75 at 09:30 AM.

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