Waaree Renewable Q2 Results Stay Strong With 24% Growth YoY

Waaree Renewable Technologies Limited, the Solar EPC /IPP subsidiary of Waaree Group, a solar developer that finances, constructs, owns and operates solar projects, has reported its unaudited financial results for the quarter ended September 30, 2023. The firm which has moved to a much faster growth path since 2021-22, has delivered a strong set of results in keeping with the new momentum and focus. Parent firm Waaree Energies is also planning an IPO in due course.

 

Even as Waaree has an unexecuted order book of 897+MW as of September 30, 2023, it has a robust project environment to look forward to.

Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said: “The
demand for energy remains robust and this growing demand is planned to be met by environment friendly
renewable energy sources. India’s recent commitment to achieving net zero carbon emissions by 2070 and generating half of its electricity from renewables by 2030 marks a pivotal moment in the global campaign against climate change.

India’s renewable energy sector is experiencing unparalleled growth, with new capacity additions expected to double by 2026, thanks to increased government support and improved financial viability, making it an appealing prospect for investors. As the country works to meet its projected energy demand of 15,820 terawatt-hours by 2040, renewable energy is set to play a crucial role. Waaree is adding IPP solutions to meet the demand for renewable power sources.

“Our company is well-poised to seize this opportunity. We’re delighted to report a robust order book and a strong bidding pipeline, instilling confidence that we will meet the expectations of all our stakeholders. Our strong financial footing, characterized by a healthy balance sheet, net cash reserves, and a disciplined working capital cycle,” he said.