Waaree Renewables Reports 341% Surge In PAT In Q4, 167% Annually

Waaree Renewables Reports 341% Surge In PAT In Q4, 167% Annually

Waaree Renewable Technologies Limited, the solar EPC arm of the Waaree Group has published its financial results for the latest quarter (Q4). It also announced its annual financial results for FY24. As per the details shared by the company in its self-disclosure before the Bombay Stock Exchange (BSE), the company continued its growth in its revenues and profits.

As per the results, the company reported a 149.73% growth in its total revenue annually from Rs 350.96 crore to Rs 876.44 crore. On a Year-on-Year (YoY) basis, the company reported a growth of 344% in their Q4. While, the firm reported a total revenue of Rs 61.49 crore in Q4 of FY23, its revenues in Q4 of FY24 touched Rs 273.25 crore. However, compared to its last quarter (Q3), there was a decline in its profit by 16 percent. While in Q3 of FY24, the firm reported a total revenue of Rs 324.19 crore its revenue dipped to Rs 273.24 crore in Q4 of FY24. 

Total Revenues In Different Quarters and Annual Revenues In FY23 and FY23.

Waaree Renewable however reported a 167.5 percent increase in its Profit After Tax (PAT) yearly. While its total PAT stood at Rs 55.33 crore in FY23, it escalated to Rs 148 crore in FY24. Its growth in Q4 on a YoY basis also increased to a massive 341 percent. While its PAT in Q4 of FY23 stood at Rs 12.28 crore, it surged to Rs 54.18 crore in Q4 of FY24. However, compared to the last quarter (Q3), there was a minor reduction in the profit margins. While the firm reported a total PAT of Rs 54.45 crore, the latest PAT in Q4 stood at Rs 54.18 crore, the financial results said. 

Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said: “With a strong balance sheet and disciplined financial management, the focus is on executing profitable projects with higher returns. This progress signifies not only environmental strides but also promising economic prospects in India’s renewable energy landscape.”

Revenues and profits of Waaree Technologies

He also said that the Board has recommended a dividend of Rs. 1/- for the face value of shares of Rs. 2/- each. “With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support,” he added. 

According to its investors’ presentation, the Waaree Group has 12 GW of solar module capacity and 5.4 GW of solar cell capacity by FY24 while it has already shipped solar modules globally upto 6 GW+. It also said that it has commissioned 1.5 GW+ of projects.

Talking about its EPC accomplishments, it said around 50 MW+ rooftop solar projects, and 2.36 GWp project sites are under execution. It also talks about 1.9 GW+ of ground-mounted project executions in India and abroad. It also has an Operations and Maintenance (O&M) portfolio of around 500 MW.

Achievements of the EPC arm of the Waaree Group. Source: Waaree’s Investors Presentation.