| Work Detail |
Waaree Energies Limited (WEL), India’s leading clean energy transition company, has received an upgrade in latest credit ratings from CARE Ratings Limited. The long-term bank facilities of ?1,904 crore have been upgraded to ‘CARE A+; Stable’ from ‘CARE A; Stable,’ while the long-term/short-term bank facilities totalling ?3,650 crore have been assigned ratings of ‘CARE A+; Stable / CARE A1+.’ The latest upgrade reflects the company’s consistent and robust financial performance, improved operational efficiency, and strong growth prospects. The other milestones achieved by the company include recording total operating income of ?11,446 crore in FY24 and the successful completion of its ?3,600 crore initial public offering (IPO) with an overwhelming response from the market. Additionally, the company has expanded its manufacturing capacity to 14.9 GW for solar modules and 5.4 GW for solar cells while also building its presence in the wind energy space by way of acquisition of Enel Green Power India. Furthermore, WEL’s healthy order book of ~?50,000 crore as of December 2024 emphasizes on its strong market position and revenue visibility. Favourable government policies such as the imposition of basic customs duties on imports and mandatory use of domestic content in solar projects have further bolstered demand for WEL’s products. |
