Waaree RTL Secures INR 277.20 Crore EPC Order for 105 MWp Ground-Mounted Solar Project
Waaree Renewable Technologies has secured an INR 277.20 crore EPC order for a 105 MWp ground-mounted solar project from a domestic wind energy company, slated for completion in FY 2025-26.
January 20, 2025. By Mrinmoy Dey
“The company has received a Letter of Intent (LOI) for the execution of Engineering, Procurement and Construction (EPC) works for Ground mount solar power project of 105 MWp (DC) capacity on a turnkey basis,” informed the company in a regulatory filing.
As per the terms of the order, the project is scheduled to be completed in the financial year 2025- 26.
Last month, the company secured its largest-ever EPC contract for a 2 GW solar project from Sunbreeze Renewables Nine, a Special Purpose Vehicle (SPV) of Jindal Renewables. The project will be implemented in Bikaner, Rajasthan, utilising advanced technologies and sustainable solutions to enhance energy efficiency and maximise generation.
The company 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 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.
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