Q1 Results: Waaree Renewable Reports 85% Rise In Revenues On YoY

Q1 Results: Waaree Renewable Reports 85% Rise In Revenues On YoY

Waaree Renewable today published its financial results for the first quarter (Q1) of Financial Year 2024-25. The details furnished by the Indian renewable energy company revealed that the company registered a 84 percent growth in its total revenues on a Year-on-Year (YoY) basis. On the other side, on a Quarter-on-Quarter (QoQ) basis, the firm reported a negative growth of 13 percent.

The consolidated results revealed that the company saw a total revenue of Rs 23,911 lakh on Q1FY25. This is in comparison to its total revenues of Rs 27,525 lakh in Q4FY24 and Rs 12,968 lakh in Q1FY24. This hinted at a 18% growth in YoY on revenues and 13% dip in total revenues on QoQ.

On the net profits, the firm reported a total net profit of Rs 2,816.14 lakh in Q1FY25. This is compared to the total net profit of Rs 5,131.47 lakh in Q4FY24 and Rs 912 lakh in Q1FY24. Thus, while on a YoY basis, the solar company reported a total growth of 208%. On the other side, on a QoQ basis, the firm saw a negative growth of 45%.

The financial details furnished by the firm revealed that its total revenues from EPC contracts came down from Rs 26,644 lakh in Q4Fy24 to Rs 22,865 in Q1FY25. However, the company reported a surge in total revenues from power sales. While the total revenues from power sales in Q4FY24 stood at Rs 686 lakh, it increased to Rs 769 lakh in Q1FY25.

With an order book of over 2.3 GW to be executed over 9-12 months, and a bidding pipeline that is over 15 GW according to the firm, the outlook remains strong for a high growth during this financial year.

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The Waaree Group has three verticals-Waaree Solar that looks after the solar module manufacturing business, Waaree Renewable which is the EPC arm of the company and Waaree Technologies which looks after the energy storage vertical of the group. The group currently one of the expanding renewable energy companies.

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