Waaree Renewable Reports 158% Jump In PAT In Q3

Waaree Energies Yet To See Approval For Issue Of IPO

Waaree Renewable Technologies, the solar EPC subsidiary of the Waaree Group has now announced its Financial Results for Third Quarter (Q3). The consolidated financial results of the renewable firm said that its total revenue in Q3 increased by 338.78 percent on a Year-on-Year (YoY) basis. 

It also announced a 158.09% increase in Profit After Tax (PAT). Waaree Renewable also reported a 145.30 % increase in its EBITDA on a YoY basis. In a media release, the firm said that it has an unexecuted order book of 749 MW as on December 31, 2023. 

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% in revenues and a robust growth of over 158% in profitability. EBITDA margins stood at 27.09% driven by operating leverage and a sharp focus on cost control.”

He also added, “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% of the installed power generation capacity, reflecting a significant increase from 2.8% in FY19 to 6.3% in FY23 in power consumption.” 

Some of the key performance highlights of the Q3 results include-

• Revenue for Q3FY24 stood at Rs. 324.19 crores representing a growth of 338.78% YoY as compared to Rs. 73.88 crores in Q3FY23  
• EBITDA for Q3FY24 stood at Rs. 87.81 crores as compared to Rs. 35.80 crores in Q3FY23 representing a growth of 145.30% YoY  
• PAT for Q3FY24 stood at Rs. 64.46 crores as compared to Rs. 24.98 crores in Q3FY23 representing a growth of 158.09% YoY  
• Revenue for 9MFY24 stood at Rs. 603.19 crores as compared to Rs. 289.47 crores in comparative period during 9MFY23 representing growth of 108.38% YoY  
• EBITDA for 9MFY24 grew by 114.60% from Rs. 61.46 crores in 9MFY23 to Rs. 131.89 crores  
• PAT for 9MFY24 grew by 117.98% from Rs. 43.06 crores in 9MFY23 to Rs. 93.86 crores

Waaree Renewable Technologies Limited, the Solar EPC subsidiary of Waaree Group, a solar developer that finances, constructs, owns and operates solar projects, has reported its unaudited financial results for the quarter and nine month ended December 31, 2023.