Waaree Renewable Technologies Limited reports increase in revenue by 36% in Q1FY23 – EQ Mag
Electric utilities company Waaree Renewable Technologies announced Q1FY24 results:
- Revenue stood at Rs 129 crore in Q1FY24 compared to Rs 95 crore in Q1FY23; growth of 36%
- EBITDA stood at Rs 16 crore in Q1FY24 compared to Rs 13.1 crore in Q1FY23; growth of 22.5%
- EBITDA margins of 12.4% in Q1FY24 compared to 13.7% in Q1FY23
- PBT stood at Rs 15.2 crore in Q1FY24 compared to Rs 11.9 crore in Q1FY23; growth of 28.1% YoY
- PAT stood at Rs 11.1 crore in Q1FY24 compared to Rs 9.9 crore in Q1FY23; growth of 12% YoY
- PAT margins of 8.6% in Q1FY24 compared to 10.4% in Q1FY23
Order book Position:
- Unexecuted order book as of the date of 856 MW to be executed in the next 9 to 12 months
- The company has recently won an order to set up a solar power project of 100 MWp capacity at Jamnagar, Gujarat, and 36 MWp capacity at Amreli, Gujarat
- Successfully executed over 96+ MW of EPC projects in Q1FY24
- Bidding pipeline remains robust
Commenting on the results Hitesh Mehta, Executive Director & CFO, Waaree Renewable Technologies, said: “As a company dedicated to promoting sustainable solutions, we are happy to share our progress and the immense opportunities that lie ahead. India has made remarkable strides in renewable energy, boasting an installed capacity of approximately 125 GW. Notably, solar energy leads the way with 67 GW, closely followed by wind capacity at 43 GW. This impressive growth has significantly increased the contribution of renewable energy to the country’s energy mix, rising from 15% at the end of FY16 to an impressive 30% by the end of FY23.
The government of India has played a pivotal role in driving this positive trajectory by setting ambitious targets, aiming to achieve 500 GW of non-fossil fuel-based capacity by 2030. This strong commitment, combined with effective policy formulation and implementation, has acted as a major catalyst in propelling the renewable energy sector forward.
Our Company is rightly positioned to take advantage of this opportunity. We are also happy to inform you all that we have a strong orderbook position and the bidding pipeline also is robust. This gives us confidence that we will live up to the expectation of all our stakeholders. We have a very strong balance sheet with net cash and a disciplined working capital cycle. We are determined to execute profitable projects with higher returns. We will conserve the cash for growth investments and the strong momentum in the coming years as we are confident of strong growth in the years to come.”
