Waaree Renewable Technologies Limited reports 864% Y-o-Y growth in net profit from H1 September 2022 – EQ Mag Pro
Mumbai : Waaree Renewable Technologies Limited, the listed EPC subsidiary of Waaree Energies Ltd, announced its financial results for the second quarter and half year ended September 30, 2022. The company reported a net profit after tax of INR18.08 crore in the September 2022 half year ended against the net profit after tax of INR1.88 crore during the previous half year ended September 2021, confirming a 864% growth Y-o-Y.
Key Highlights:
● Half year ended revenue from operation of INR 215.59 crore a highest ever for the company
● The company’s consolidated revenue increased to 446% Y-O-Y
● EBITDA for the half year ended reported as INR 26.69 crore, up by 85.31% over H1 FY 2021
● The company reported second quarter revenue of INR 120.56 crore from operation a 26.87% increase on Q-o-Q basis.
Consolidated results for September 30, 2022
| Particulars | Quarter Ended | Six Months Ended | |||||
| Sept 30, 2022 | June 30, 2022 | Sept 30, 2021 | Y-o-Y | Sept 30, 2022 | Sept 30, 2021 | Y-o-Y | |
| Total Income | 12099.01 | 9562.46 | 1868.41 | 547.56% | 21661.47 | 4720.62 | 358.87% |
| EBITDA | 1303.55 | 1365.01 | 1049.49 | 24.21% | 2668.56 | 1440.06 | 85.31% |
| PAT | 815.88 | 992.33 | 429.90 | 89.78% | 1808.21 | 187.50 | 864.38% |
Mr Hitesh Mehta, CFO, Waaree Group comments on Waaree RTL’s performance, “We are very pleased to leverage the tremendous opportunity from growing energy demand in India and several positive policy initiatives by the GOI for the solar energy sector. This reflects in our strong growth in this quarter which portrays our focused approach to operational efficiencies and profitability. We aim to position us one of the leading solar EPC players in the space. We want to be instrumental in adhering to the ESG Compliance and aim to achieve net zero vision for India.”
About Waaree RTL:
Waaree Renewables Technologies Limited (WRTL), (Formerly known as SANGAM RENEWABLES LIMITED) is subsidiary company of Waaree Group and spearheading the Solar EPC business. Waaree Group has successfully installed 10000+ solar projects, with a total operating capacity of 600+ MW.
