Q3 Results: Waaree Renewable Reports 16.7% Dip In Net Profits

Waaree Renewable Reports 16.7% Dip In Net Profits In Q3

Indian renewable energy company Waaree Renewable Technologies (Waaree) today announced its financial results for the third quarter (Q3) of FY25. It also announced the results of the first nine months of the current financial year. It furnished these details in its filing before the stock exchange.

Steady Performance in Net Profits

The company’s consolidated financial results revealed a steady performance, with net profits for Q3 FY25 reported at Rs 53.48 crore, slightly down from Rs 53.52 crore in Q2 FY25. However, compared to Q3 FY24, where the company reported a net profit of Rs 64.23 crore, the net profit showed a slight YoY decrease of 16.74%.

Additionally, on a quarterly basis, the company saw a minimal decrease in profits, with Q3 FY25 netting a profit of Rs 53.48 crore, compared to Rs 53.52 crore in Q2 FY25.

Waaree Renewable also improved its financial performance for the first nine months of FY25 and reported a 43.91% increase in net profits in this period, compared to the figures of the same time last year. In the initial nine months of FY24, the company reported a net profit of Rs 93.90 crore for the same period. In contrast, during the first nine months of FY25, it posted a total net profit of Rs 135.16 crore, showcasing strong profitability and growth.

Revenue Growth Continues For the Year

Waaree Renewable reported a total revenue of Rs 364.13 crore in Q3 FY25, up from Rs 324.68 crore in Q3 FY24. This represents a growth of approximately 12.2% on a YoY basis. On a quarter-on-quarter (QoQ) basis, the revenue showed a decline of 30.8%, with Q2 FY25 generating Rs 527.87 crore. The weak quarterly numbers notwithstanding, a comparison of the nine-month financial performance of Waaree Renewable showed significant revenue growth. The firm reported a total revenue of Rs 605.30 crore during the first nine months of FY24, which surged to Rs 1,131.11 crore during the same period in FY25, marking an increase of 87.2%, the financial results of the company revealed.

The firms results announcement was met with some dissappointment in the stock markets, with its stock down upto 7%, before finally closing with 4% losses. The weak Q3 numbers will require some explanation from management, although it seems at this stage that they are linked to failure to book income on delayed projects possibly. That should presage a very strong Q4 for the firm which has been facing pressure in the markets due to its rich valuations.