Waaree Renewable Technologies Reports Revenue of INR 129 Cr in Q1FY24 with 35.7% Surge YoY

Waaree Bags 1 GW order

Waaree Renewable Technologies Limited, the solar EPC subsidiary of Waaree Group and a solar developer that finances, constructs, owns and operates solar projects, has reported its unaudited financial results for the quarter ending June 30, 2023.

In Q1FY24, the firm’s revenue stood at INR 129 crores with growth of 36%, while EBITDA stood at INR 16 crores; It reported EBITDA margins of 12.3% & PAT stood at INR 11.1 crores and PAT margins of 8.6%

Order Book

The firm has an unexecuted orderbook as on date with 856 MW to be executed in the next 9 to 12 months. The company has recently won an order to set up a solar power project of 100 MWp capacity at Jamnagar, Gujarat and 36 MWp capacity at Amreli, Gujarat. It has successfully executed over 96+ MW of EPC projects in Q1FY24. Its bidding pipeline remains robust.

Q1FY23 vs Q1FY24

In the first quarter of FY2023, the revenue was pegged at INR 95 Cr while in the first quarter of FY2024, it is at INR 128.9 crore, reporting over 35% of increase in the quarter. The EBITDA in Q1FY24 is INR 16 cr while in the corresponding quarter, it stood at INR 13.1 cr. This is more than 22% of Y-o-Y surge. The PBT has seen year on year growth of 28.1% while PAT has witnessed a surge of 12% at Rs 11.1 cr

However, on a quarter on quarter comparison with Q4 of Fy 23, the total income is even more impressive, jumping 110% over the Rs 61.5 crore recorded in the previous quarter. Margins however have clearly been squeezed with profits 9.4% below the Rs 12.28 cr recorded in Q4.

Commenting on the results, Hitesh Mehta, Executive Director & CFO, Waaree Renewable Technologies Limited said, “As a company dedicated to promoting sustainable solutions, we are happy to share our progress and the immense opportunities that lie ahead. India has made remarkable strides in renewable energy, boasting an installed capacity of approximately 125 GW. Notably, solar energy leads the way with 67 GW, closely followed by wind capacity at 43 GW. This impressive growth has significantly increased the contribution of renewable energy to the country’s energy mix, rising from 15% at the end of FY16 to an impressive 30% by the end of FY23.” He added, “Our company is rightly positioned to take advantage of this opportunity. We are also happy to inform you all that we have a strong orderbook position and the bidding pipeline also is robust. This gives us confidence that we will live up to the expectation of all our stakeholders. We have a very strong balance sheet with net cash and a disciplined working capital cycle. We are determined to execute profitable projects with higher returns. We will conserve the cash for growth investments and the strong momentum in the coming years as we are confident of strong growth in the years to come.”