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Waaree Renewable Technologies Limited (WRTL), the Solar EPC division of the Waaree Group, has posted impressive financial results for the second quarter and half-year ending September 30, 2024, driven by a surge in demand for solar energy solutions. The company has reported significant growth in both revenue and profit, reflecting the strong market demand for its engineering, procurement, and construction services.
In Q2-FY25, WRTL’s revenue soared to Rs 5,244.7 million, marking a staggering 249.5% increase compared to Rs 1,500.6 million in Q2-FY24. This sharp rise in revenue was accompanied by a PAT of Rs 535.2 million, underscoring the company’s ability to generate strong earnings from its operations. The company’s current unexecuted order book stands at 1.7 GWp, with execution timelines set for the next 9-12 months, further bolstering expectations of continued growth.
For the first half of FY25, WRTL recorded a revenue of Rs 7,608.2 million, a 172.7% increase over the previous year’s H1 revenue of Rs 2,790 million. EBITDA for Q2-FY25 surged to Rs 715.7 million, up 133.27% from the previous year, while H1FY25 EBITDA stood at Rs 1,126.5 million, marking a 155.56% rise. The company’s PAT for the first half of FY25 was Rs 816.8 million, an impressive 175.29% increase from the Rs 296.7 million recorded in H1FY24.
The EPC segment was a key contributor to this growth, with customer billing amounting to Rs 5,833.6 million for 528.56 MWp of projects, a sharp rise from Rs 1,410.9 million for 169.59 MWp in the same period last year. Notable new orders include a 30 MWp ground-mounted solar power project, a 3.4 MWp ground-mounted project, a 26.4 MWp ground-mounted project, and a 1.09 MWp floating solar project, which indicate strong future prospects for the company.
WRTL also reported a solid performance in Q1 FY24-25, posting a profit of Rs 281.6 million, a remarkable 208.51% YoY increase. Revenues for Q1 stood at Rs 2.36 billion, reflecting an 83.31% YoY increase, while EBITDA reached Rs 410.8 million, up 206.6% YoY. In addition, the company secured an EPC order for a 30 MWp solar project from ISMT Limited in Maharashtra in July 2024.
With its growing order book and a robust pipeline of solar projects, WRTL is well-positioned to continue its upward trajectory in the highly competitive solar EPC sector. The company’s strong financial results highlight its operational excellence and market-leading position in India’s renewable energy landscape. |
