Waaree Renewable Technologies Sees Record INR 236.35 Crores Revenue in Q1 FY25

Waaree Renewable Technologies Ltd, the solar EPC arm of the Waaree Group, has announced a robust performance for the first quarter of FY25, marking a period of significant financial growth and operational success. 

For Q1 FY25, Waaree Renewable reported a remarkable 83.31 percent year-on-year increase in revenue, totaling INR 236.35 crores, compared to INR 128.94 crores in the same period last year. This surge in revenue was accompanied by a striking 206.60 percent increase in EBITDA, reaching INR 41.08 crores, up from INR 13.40 crores in Q1 FY24. The company’s Profit After Tax (PAT) also saw an impressive 208.51 percent growth, climbing to INR 28.16 crores from INR 9.13 crores year-over-year.

As per the firm's note, the company’s EPC segment played a crucial role in this success, achieving customer billing of INR 301.30 crores for 302.95 MWp of solar projects, significantly higher than INR 131.17 crores for 109.45 MWp in Q1 FY24. Waaree Renewable’s unexecuted order book now stands at 2,191 MWp, with expected execution within the next 9-12 months. The company’s bidding pipeline remains robust at 15.5 GW.

As per the firm, there are several significant solar installation orders with the firm, viz., a 30 MWp and a 26.4 MWp ground-mounted solar project, a 700 KWp rooftop project, and a 1.090 MWp floating solar project.

Commenting on the firm's performance, Dilip Panjwani, CFO of Waaree Renewable Technologies Limited, said, "We are pleased to announce our recent financial results and future prospects. By June 2024, India’s solar energy capacity had exceeded 85 GW, representing 19 percent of the country’s total power capacity. This milestone underscores India's pivotal role in the global renewable energy landscape, driven by strong government support for solar energy."

"India’s commitment to reducing carbon intensity, achieving 50 percent renewable energy by 2030, and reaching net-zero emissions by 2070 is evident, with solar energy now constituting 85 percent of new renewable capacity. This shift enhances energy security and reduces reliance on fossil fuels," said Panjwani in the firm's note.

Further, he pointed out, "The benefits extend beyond environmental gains, with increased energy security and technological advancements fueling economic growth. Our robust order pipeline and strong financial position position us to leverage these opportunities, delivering significant value to our stakeholders while advancing global sustainability efforts."