In what the company referred to as its “highest-ever profit after tax (PAT)“, Waaree Renewable Technologies logged a 160.5 per cent year-on-year surge in net profit to ₹53.5 crore in the second quarter of FY25. Revenue rose 250 per cent to ₹ 524.5 crore on higher volume of projects executed.
A subsidiary of Waaree Energies is the solar EPC (engineering, procurement, construction) arm of the Waaree group, which finances, constructs, owns and operates solar projects.
The EPC segment achieved customer billing of ₹583.4 crore for a volume of 528.56 MW compared to ₹141 crore for a volume of 170 MW. At the end of the quarter it had an outstanding orderbook of 1.7 GW to be executed over the next 9 to 12 months.
Optimistic outlook
“The quarter has been excellent for us,” said Dilip Panjwani, Chief Financial Officer of the company. He said that the company had recorded its highest-ever turnover, highest-ever Ebitda, and highest-ever profit after tax ever in its history.
“This is coming on the strength of our existing orderbook,” he added. The company has a bidding pipeline of 17.8 GW of which it expected to win 1.2-1.3 GW in the current year.
The company reported a lower Ebitda margin of 13.65 per cent in Q2 compared to 20.4 per cent a year ago. Panjwani said that the company had guided for 15 per cent margin on a sustainable basis and the dip in margin should be seen in the context of increasing volumes and higher revenues.
Its existing orderbook consists of projects in Rajasthan, Maharashtra, Chhattisgarh, Madhya Pradesh, Tamil Nadu and Andhra Pradesh, where it is executing a big project of gigawatt scale. “These are the States which have got strong policies for attracting renewable energy,” he added.
The company has recently won several orders comprising close to 60 MW of ground mounted solar projects and 1 GW of floating solar project.