Waaree Energies Q3 FY25 PAT Soars 260 Percent to INR 5,069 Crore

Waaree Energies Ltd., the Mumbai-based renewable energy firm, has announced its unaudited financial results for the quarter and nine months ended December 31, 2024.

As per the firm's statement, the company witnessed a 260 percent year-on-year (YoY) increase in Profit After Tax (PAT) and a 257 percent YoY surge in EBITDA for the third quarter of FY25. The financial highlights reveal a total income of INR 35,452.65 million in Q3 FY25, up 114.63 percent YoY, while EBITDA stood at INR 8,097.05 million, reflecting a 256.97 percent YoY growth. PAT for the quarter reached INR 5,068.76 million, marking a 259.98 percent YoY increase. The company’s order book stands at 26.5 GW, valued at approximately INR 50,000 crore, showcasing its strong market position.

Operationally, Waaree Energies produced 1.81 GW in Q3 FY25, representing a 68 percent YoY growth, reaffirming its efficient execution strategy. The company has also made significant strides in expanding its manufacturing capabilities, with trial production commencing at a 5.4 GW solar cell manufacturing facility and a 1.6 GW solar module line in the USA beginning commercial production.

The firm plans a capital expenditure of INR 551 crore for a 300 MW electrolyser manufacturing plant, INR 2,073 crore for a 3.5 GWh lithium-ion advanced chemistry storage cell facility, and INR 130 crore for the inverter business. These investments align with Waaree’s vision to diversify its portfolio and capitalise on emerging opportunities in energy storage, green hydrogen, and renewable infrastructure.

Amit Paithankar, Whole-Time Director and CEO of Waaree Energies Ltd., commented on the results, stating, “As an energy transition company, we see immense opportunities and are well-positioned to tap into new business areas. Our solar business continues to be strong, and we are rapidly advancing in the adjacencies of energy storage systems, green hydrogen, inverters, and renewable infrastructure. The momentum in this space is stronger than ever, and we are well-positioned to capitalise on it.”

He further added that the US contributed approximately 15-20 percent of the company’s revenue mix, highlighting its growing global footprint. Waaree is focused on strengthening its presence in high-potential regions to stay ahead in the fast-evolving renewable energy industry.