Waaree Renewable Tech Q1 Results: Net profit jumps 207% YoY to ?86 crore, revenue soars over 150%

Waaree Renewable Technologies, the solar EPC subsidiary of Waaree Group, announced its June quarter financial performance today, July 17, reporting a net profit of ₹86 crore, a 207% increase compared to ₹28 crore in the same period last year.

However, the profit was lower on a sequential basis, as the company had reported ₹94 crore in the preceding quarter. Revenue from operations during the reporting quarter came in at ₹603 crore, compared to ₹236.35 crore in Q1 FY25, which is a 155% YoY growth.

The revenue from its EPC contracts, which contributes over 95% of the company’s total revenue, surged to ₹594.3 crore in Q1 FY25 from ₹228 crore in the same period last year. Revenue from power sales also rose sharply to ₹9 crore, compared to ₹2.3 crore a year ago, as per the company's earnings' filing.

On the operating front, the company reported EBITDA of ₹117.54 crore for the quarter, marking a significant jump from ₹41 crore in Q1 FY25. EBITDA margin expanded to 19.5% from 17.4%, reflecting improved operating efficiency.

Commenting on the results, Mr. Manmohan Sharma, CFO, Waaree Renewable Technologies Limited, said, In response to the expanding renewable energy capacity, we have broadened our portfolio to include Battery Energy Storage System (BESS) EPC solutions, reinforcing our position as a full-spectrum clean energy provider. With a strong order book of 3.15 GWp in Solar EPC and 40 MWh in BESS EPC, we are well-equipped to deliver next-generation, large-scale integrated energy projects."

"We remain resilient, future-ready, and committed to enabling India’s energy transition through high-quality, sustainable solutions. With innovation and sustainability at the heart of our operations, we are confident in our ability to generate long-term value for all stakeholders," he further added.

Meanwhile, the company’s shares had been buzzing on Dalal Street in the run-up to the results, gaining 24% in the last two trading sessions.

The company is engaged in the business of renewable energy solutions, with a specific focus on solar power. The company operates as a solar engineering, procurement, and construction (EPC) company. It is also a solar developer that finances, constructs, owns, and operates solar projects.

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