Waaree Renewable Technologies has reported an over two-fold jump Y-o-Y in its profit after tax (PAT) at ₹28.16 crore during the April-June quarter in the current financial year.
Its revenue for Q1 FY25 stood at ₹236.35 crore representing an annual growth of 83.31 per cent compared to ₹128.94 crore in Q1 FY24.
Waaree Renewable Technologies, the solar engineering procurement and construction (EPC) arm of the Waaree Group, is a solar developer that finances, constructs, owns and operates projects.
The company’s EBITDA stood at ₹41.08 crore in Q1 FY25 compared to ₹13.40 crore in Q1-FY24, representing a growth of 206.60 per cent Y-o-Y.
“The EPC segment delivered exceptional performance, achieving customer billing of ₹301.30 crore for a volume of 302.95 megawatt power (MWp), compared to ₹131.17 crore for a volume of 109.45 MWp,” it said.
The unexecuted order book stands at 2,191 MWp, which is to be executed between 9-12 months. The bidding pipeline remains robust at 15.5 gigawatts (GW), it added.
Waaree Renewable Technologies CFO Dilip Panjwani said “As a company dedicated to sustainability, we are pleased to share our progress and future prospects. By June 2024, India’s solar energy capacity has exceeded 85 GW, accounting for 19 per cent of the country’s total power capacity.”
“This milestone underscores India’s significant role in the global renewable energy sector, with the government prioritising the energy transition and providing robust policy support emphasizing on solar energy.”
Solar energy now represents 85 per cent of all new renewable capacity, signalling a strategic shift towards greater energy security and reduced reliance on fossil fuels, he added.