Another Quarter of Strong Growth and Profitability Revenue growth of 83.31% YoY at Rs. 236.35 crores PAT growth of 208.51% YoY at Rs. 28.16 crores
Unexecuted Orderbook of 2,191 MWp to be executed in 09-12 months
 July 31, 2024, Bengaluru: Waaree Renewable Technologies Limited (BSE: 534618), the Solar EPC arm of Waaree Group, a solar developer that finances, constructs, owns and operates solar projects, has reported its unaudited Financial Results for the First Quarter ended on June 30, 2024.
|
In Rs Cr |
Q1FY25 |
Q1FY24 |
Y-o-Y Change |
|
Total Revenue |
236.35 |
128.94 |
83.31% |
|
EBITDA |
41.08 |
13.40 |
206.60% |
|
EBITDAÂ Margin |
17.38% |
10.39% |
 |
|
PAT |
28.16 |
9.13 |
208.51% |
|
PATÂ Margin |
11.91% |
7.08% |
 |
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KEYÂ PERFORMANCEÂ HIGHLIGHTS
Q1FY25
·         Revenue for Q1-FY25 stood at Rs. 236.35 crores representing a growth of 83.31% year-on-year as compared to Rs. 128.94 crores in Q1-FY24
·         EBITDA for Q1-FY25 stood at Rs. 41.08 crores as compared to Rs. 13.40 crores in Q1-FY24 representing a growth of 206.60% year-on-year
·         PAT for Q1-FY25 stood at Rs. 28.16 crores as compared to Rs. 9.13 crores in Q1-FY24 representing a growth of 208.51% year-on-year
·         The EPC segment delivered exceptional performance, achieving customer billing of Rs. 301.30 crores for a volume of 302.95 MWp, compared to Rs. 131.17 crores for a volume of 109.45 MWp
Order book Position:
o    Unexecuted order book stands at 2,191 MWp to be executed between 09-12 months
o    Bidding pipeline remains robust at 15.5 GW
KEYÂ UPDATES
·         Recent Order Wins
o    30 MWp Ground Mounted solar power project
o    26.4 MWp Ground Mounted solar power project
o    700 KWp Rooftop solar power project
o    1.090 MWp Floating solar power project
Commenting on the results Mr. Dilip Panjwani, CFO, 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 prioritizing the energy transition and providing robust policy support emphasizing on solar energy.
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.
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 capitalize on these opportunities. Our robust order pipeline and strong balance sheet positions us to deliver significant value to our stakeholders while furthering global sustainability efforts
