Green Energy Stock in Focus: Waaree Renewable Technologies Limited

The transition to sustainable energy solutions has become a focal point in the dynamic world of finance, with green energy stocks taking center stage.

As the global economy acknowledges the imperative of addressing climate change and reducing carbon emissions, investors are increasingly turning their attention towards companies that are leading the charge towards renewable energy.

With the share price settled at INR 2,198.40, today's focus is on Waaree Renewable Technologies Limited. The company is the Solar EPC subsidiary of Waaree Group, is a prominent solar developer that finances, constructs, owns, and operates solar projects.

In a recent announcement, Waaree Renewable Technologies unveiled its audited financial results for the March quarter FY2024, showcasing a remarkable surge in performance. The company reported a staggering 344.40 percent increase in revenue for Q4 FY24, soaring to INR 273.25 crore compared to INR 61.49 crore in the corresponding period last year. This impressive growth is a testament to the company's operational strategies and expanding market presence.

The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q4 FY24 stood at INR 75.30 crore, representing a significant growth of 237.83 percent from INR 22.29 crore in Q4 FY23. Additionally, the profit after tax (PAT) for the same quarter skyrocketed by 341.41 percent, reaching INR 54.18 crore, up from INR 12.28 crore in the corresponding period of the previous year.

This financial performance extends throughout the fiscal year 2023-24. Waaree Renewable Technologies reported a consolidated revenue of INR 876.44 crore for FY24, a substantial increase of 149.73 percent from INR 350.96 crore reported in FY23. The company's EBITDA for the fiscal year surged to INR 207.18 crore, reflecting a growth of 147.40 percent from INR 83.75 crore in the previous fiscal year. Similarly, the consolidated net profit for FY24 reached INR 148.04 crore, marking an impressive increase of 167.55 percent from INR 55.33 crore in FY23.

In addition to its stellar financial performance, Waaree Renewable Technologies has completed the corporate action of a stock split, reducing the face value of its equity shares in the ratio of 1:5 per share. The face value of shares now stands at INR 2 per share, making the stock more accessible to a broader range of investors.

The company's future prospects also look promising with an unexecuted order book standing at 2,365 MWp and a robust bidding pipeline. These factors, combined with the company's strong financial growth and strategic initiatives, position Waaree Renewable Technologies as a key player in the renewable energy market.

For investors eyeing the green energy market, Waaree Renewable Technologies Limited is certainly worth keeping an eye on.

Stay tuned to Energetica India for the latest updates on Waaree Renewable Technologies and other promising green energy stocks shaping the future of sustainable investing.