Waaree Renewable Q3 Results: Profit More Than Doubles, Revenue Jumps Fourfold
The solar EPC subsidiary of Waaree Group's net profit surged 158% year-on-year to Rs 64.46 crore in the quarter ended December, according to an exchange filing.
Solar power producer Waaree Renewable Technologies Ltd.'s profit more than doubled, and revenue jumped fourfold in the third quarter.
The solar EPC subsidiary of Waaree Group's net profit surged 158% year-on-year to Rs 64.46 crore in the quarter ended December, according to an exchange filing. Revenue jumped 338.8% to Rs 324.19 crore.
Waaree Renewable Technologies Q3 FY24 (Consolidated, YoY)
Revenue up 338.8% at Rs 324.2 crore.
Ebitda up 145.37% at Rs 87.82 crore.
Ebitda margin at 27.08% vs 48.44%.
Net profit up 158% at Rs 64.46 crore.
While its solar engineering, procurement, and construction businesses saw revenue jump over 400% to Rs 319 crore, income from power sales doubled to Rs 52.9 crore.
"With a sound balance sheet, substantial net cash reserves, and a disciplined working capital cycle, we are well equipped to undertake lucrative projects that yield higher returns," said Chief Financial Officer Dilip Panjwani.
The unexecuted order book stood at more than 749 megawatts as of Dec. 31, the company said, while the bidding pipeline remains robust.
It has received a 70-MW capacity ground mounted solar power project.
The Mumbai-based small-cap firm will benefit from key government policies such as the Solar Park Scheme, PM Kusum, Grid-Connected Solar Rooftop Schemes, and other initiatives, Panjwani said.
The Modi government has set a target of 500 GW of renewable energy capacity by 2030 as it looks to wean energy generation away from polluting fossil fuels.
The government will invite bids for 50 GW of green energy capacity annually for the next five years until FY28, it announced in April last year.
Waaree Renewable Technologies' board also announced a stock split in the ratio of 1:5 per share, subject to the approval of shareholders.
The scrip closed 5% higher at Rs 2,865.55 on Saturday, ahead of the announcement of the financial results. This is compared to a 0.36% decline in the benchmark BSE Sensex.
