Waaree Renewables Aims To Complete 1.2 GW Projects In Second Half Of FY25
The CFO estimated the revenue potential from the projects totaling 1.2-GW capacity at roughly Rs 1,200 crore.
Waaree Renewable Technologies Ltd. aims to complete projects of up to 1.2 gigawatt capacity in the remaining quarters of the current fiscal, Chief Financial Officer Dilip Panjwani said.
Panjwani told NDTV Profit that the company’s existing total order book of 1.7 GW will be executed within the next 9–12 months. “If we prorate, roughly around 1 GW to 1.2 GW should be delivered in the second half and must be done within the next six months,” he added.
The top executive estimated the revenue potential from these projects at roughly Rs 1,200 crore.
“We operate somewhere between Rs 1 crore to Rs 1.2 crore per megawatt range. So, the 1.2–1.3 GW that we are pointing out, you can apply a multiplying effect. That’s how potentially big (revenue) we are looking at,” he said.
In the second quarter of the current financial, Waaree Renewable Technologies' net profit jumped 160.52% year-on-year to Rs 53.52 crore. The company had reported a profit of Rs 20.54 crore in the year-ago period.
Revenue shot up 249.50% YoY to Rs 524.47 crore in Q2 versus Rs 150.06 crore in the corresponding quarter of the last fiscal.
Ebitda margin, however, fell sharply from 20.44% to 13.65% this quarter.
Commenting on the results, Panjwani said that the margin for the full year would settle in line with its projections. “We have already guided our stakeholders that going forward our sustainable margin should be around 15%. That’s where it is shaping up.”
The CFO added, “But what one must look at for EPC companies is the volume growth that’s coming up. It is more than 2.5% growth. So, we want to enjoy that growth, be in this momentum.”
Panjwani was hopeful of closing orders from Waaree Renewables’ bidding pipeline of 17.8 GW. “The (renewable energy) sector is huge and we witnessed a surge in order booking in March. The cycle to get orders is getting longer in this space because orders are pretty large. Smaller orders have already started trickling in for the company. So we are expecting and I am very hopeful of closing orders from this 17.8 GW pipeline,” he said.
Shares of Waaree Renewable Technologies closed in the 5% upper circuit at Rs 1,734.75 apiece on the BSE on Wednesday. In comparison, the benchmark Sensex closed 901.5 points or 1.13% higher at 80,378.13.
