HomeBusiness ›Waaree Renewable Sees 85.87 Percent Revenue Growth in 9M FY25, Reaches INR 1,121.17 Crore

Waaree Renewable Sees 85.87 Percent Revenue Growth in 9M FY25, Reaches INR 1,121.17 Crore

Waaree Renewable Technologies posted an 85.87 percent revenue growth in 9M FY25, reaching INR 1,121.17 crore. However, Q3FY25 saw a decline in EBITDA and PAT of 18.09 percent and 16.74 percent, respectively, despite strong overall performance and a robust order pipeline.

January 16, 2025. By EI News Network

Waaree Renewable Technologies, the solar EPC (Engineering, Procurement, and Construction) arm of Waaree Group, has posted impressive financial results for the third quarter and the nine months ending December 31, 2024 (9M FY25).

As per the firm, the company achieved a significant revenue of INR 1,121.17 crore, reflecting an 85.87 percent year-on-year (YoY) growth compared to INR 603.19 crore in the same period last year. The growth in revenue was driven by a strong execution of projects in the company’s EPC segment.

In terms of profitability, the firm  recorded an EBITDA of INR 184.57 crore for 9M FY25, which marks a rise of 39.95 percent YoY from INR 131.89 crore in the previous year. The company’s profit after tax (PAT) also saw a healthy increase, rising by 43.94 percent YoY to reach INR 135.16 crore, compared to INR 93.90 crore in 9M FY24.

However, the company experienced a slight dip in margins despite the impressive revenue growth. The EBITDA margin decreased to 16.46 percent from 21.86 percent, and the PAT margin declined to 12.06 percent from 15.57 percent in 9M FY24, attributed to rising costs in the project execution phase.

In Q3FY25, the firm posted a revenue from operations of INR 360.35 crore, which represents an 11.15 percent increase compared to INR 324.19 crore in the same quarter of FY24.

However, the company saw a decline in both EBITDA and PAT in Q3FY25. EBITDA stood at INR 71.92 crore, a decrease of 18.09 percent YoY from INR 87.81 crore in Q3FY24. Similarly, PAT was recorded at INR 53.48 crore, which reflects a drop of 16.74 percent YoY from INR 64.23 crore in Q3FY24. The EBITDA margin for Q3FY25 stood at 19.96 percent, compared to 27.09 percent in Q3FY24, and the PAT margin was 14.84 percent, down from 19.81 percent in the same quarter of the previous year.

The firm credited the growth in its nine-month performance to strong execution in its EPC segment, where it achieved customer revenue of INR 1,093.99 crore for 1,024.92 MWp, a substantial increase from INR 580.80 crore for 473.44 MWp in the previous year.

The company also highlighted its substantial order book, which includes an unexecuted pipeline of 3.4 GWp, expected to be completed within 9 to 15 months. Additionally, its bidding pipeline stands at an impressive 23.37 GWp. Recently, the company secured a significant 2012.47 MWp ground-mounted solar PV project from a major independent power producer (IPP) and is in the process of establishing a 41.6 MWp IPP plant. 

In a strategic move, the company is also exploring diversification opportunities, particularly in the EPC space for the data centre industry, both in India and globally. This expansion into renewable infrastructure exhibits the firm's efforts to capitalise on emerging opportunities in diverse sectors.

Further, the firm declared an interim dividend of INR 1 per share, equivalent to 50 percent of the face value of INR 2. It has successfully completed over 10,000 solar projects, with a cumulative installation capacity exceeding 1.82 GW.

Meanwhile, yet another subsidiary of the Waaree Group, Waaree Technologies Ltd., recently received an order for 99 sets of solar off-grid combos from a domestic customer involved in trading activities. The order, which is to be delivered within three months, includes solar off-grid combos comprising batteries, solar panels, inverters, and other components.

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