Waaree RTL Q2 Results- Revenue Up 250%, PAT Up 160% YoY

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BSE Listed Waaree Renewable Technologies Limited (Waaree RTL), the EPC arm of the Waaree group, has released its Q2, FY25 results. Keeping up with the trend for the past few quarters, the firm has declared yet another strong set of numbers, with operational revenues coming in at Rs 524.4 cr for the quarter, as compared to Rs 236 cr in the previous Q1 quarter, and Rs 150 cr in the corresponding quarter last year. The final income for the quarter was Rs 527.8 crores. That means revenue growth has breached the 250% mark, even as profit after tax grew 160% YoY.

The numbers for the first six months (H1) of FY25 make for an equally impressive analysis. Revenues were Rs 766 crores versus Rs 280 crores in H1 last year, a growth rate of 173%. Profit growth kept perfect pace with the growth in revenues, at Rs 81.6 crores versus Rs 29.66 crores, a growth rate of 173%. That has meant a jump in Earnings per share by 175%, from Rs 2.85 to Rs 7.85.

The strong performance was widely anticipated, as seen in the spike in the stock price of the firm today, although newly listed parent Waaree Energies was up almost 15% on the same day.

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A strong order book and stable market conditions mean the firm has enough and more for at least the next three quarters to drive its strong growth ahead.

The firm has moved out from the C&I segment to some major government contracts this year, besides much larger utility-scale plants. While breaching the Rs 2,000 crore mark in this financial year seems a real possibility, maintaining the same rate of growth next year will not be a given, considering the much larger base. the firm had completed FY24 with Rs 880 cr in revenues and Rs 145 crore profit after taxes.

Waaree Renewable said that it has an unexecuted order book of 1.7Gwp. These will be executed between 9-12 months. It also said that its bidding pipeline remained robust at 17.8 GWp.

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The management of the firm said that it has got the highest-ever quarterly revenue in Q2. Dilip Panjwani, CFO, Waaree Renewable Technologies Limited said: “We are pleased to announce the highest-ever quarterly revenue in company’s history at Rs. 524.47 crores with a volume of 528.56 MWp which reflects robust execution capabilities build on strength of highly scalable platform. WRTL continues to invest strongly in technology reflecting in successful execution of complex projects in Floating Solar and Battery Energy Storage Systems.

The firm also reported a surge in its EBITDA from Rs 30.68 crore (Q2FY24) to Rs 71.57 crore (Q2FY25), reporting a surge of 133.2%.