Waaree Energies Share Price Falls Over 6% As Q2 Revenue Remains Flat

Waaree Energies Ltd.'s share price fell over 6% on Tuesday despite positive results for the second quarter as the company's topline remained flat. The solar module manufacturer's revenue for the second quarter rose 1% on the year to Rs 3,754.38 crore from Rs 3,537.3 crore.

Meanwhile, Waaree Energies' consolidated net profit rose 17% on the year to Rs 375.66 crore for the second quarter ended in September. The net profit rose because the company deferred tax payment, which pulled down the total tax payable.

Waaree Energies' board has approved investment of Rs 600 crore to establish infrastructure to manufacture renewable power projects and bidding pipeline.

Waaree Energies focuses on Ebitda margins, which has been either stable or growing. Last year, on an average, margis was 13%, and this quarter and overall in first half so far, the Ebitda margin is about 15%, Chief Financial Officer Sonal Shrivastava said.

The focus is how Waaree Energies manages the cost to maintain the margin. "In this quarter as well, margin has come around 14%, which is quite robust," Shrivastava said.

In the coming quarter, Waaree Energies' US factories will go on stream. The company will be ramping up more capacities. "All in all, we do see a little coming in this quarter (October–December). But, we will watch that closely," Shrivastava said.