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Waaree Renewable Technologies Reports Stellar Q3 FY24 Performance

The consolidated financial report for Q3 FY24 revealed robust figures across various key metrics.

January 22, 2024. By Abha Rustagi

Waaree Renewable Technologies Ltd., a solar power producer, announced an exceptional performance in the third quarter of fiscal year 2024. 

According to an official exchange filing, the company's net profit witnessed an impressive year-on-year surge of 158 percent, reaching INR 64.46 crore for the quarter ending December. Concurrently, the revenue experienced a remarkable fourfold increase, jumping by 338.8 percent to INR 324.19 crore.

The consolidated financial report for Q3 FY24 revealed robust figures across various key metrics. EBITDA rose by 145.37 percent to INR 87.82 crore, although the EBITDA margin showed a slight decline from 48.44 percent to 27.08 percent. 

Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said, "During the quarter, the company registered a strong performance, with YoY growth of 338.78 percent in revenues and a robust growth of over 158 percent in profitability. EBITDA margins stood at 27.09 percent driven by operating leverage and a sharp focus on cost control. India's Renewable Energy sector continues to play a pivotal role in the nation's pursuit of sustainable growth and energy security. As of August 2023, solar energy accounts for an impressive 17 percent of the installed power generation capacity, reflecting a significant increase from 2.8 percent in FY19 to 6.3 percent in FY23 in power consumption."

"We remain enthusiastic about sustaining momentum. Our commitment to global expansion, innovation, product diversification, and increased productivity through automation positions us for success. With a sound balance sheet, substantial net cash reserves, and a disciplined working capital cycle, we are well-equipped to undertake lucrative projects that yield higher returns," he added.

A significant contributor to this impressive financial performance was the outstanding growth in Waaree Renewable Technologies' solar engineering, procurement, and construction (EPC) businesses. Revenues from this segment soared over 400 percent, reaching INR 319 crore. Additionally, income generated from power sales doubled, reaching INR 52.9 crore.

The unexecuted order book as of December 31 stood impressively at more than 749+MW, demonstrating the company's robust position in the market. Furthermore, Waaree Renewable Technologies successfully secured a substantial 70 MW capacity ground-mounted solar power project, further bolstering its portfolio.
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