+
Waaree Renewable Technologies reports strong revenue growth
POWER & RENEWABLE ENERGY

Waaree Renewable Technologies reports strong revenue growth

Waaree Renewable Technologies witnessed an impressive 36 per cent surge in revenue, reaching Rs 12.9 billion, and a notable 28 per cent increase in Profit Before Tax (PBT), which stood at Rs 152 million during the first quarter of fiscal year 2024, concluding on June 30, 2023. Additionally, the company boasts an unexecuted order book of 856 MW, to be undertaken in the next 9 to 12 months, signifying substantial demand for their services and potential for enhanced market share in the renewable energy sector.

The company's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also experienced a commendable YoY growth of 22.4 per cent, amounting to Rs 160 million. Despite this positive development, the EBITDA margin slightly declined from 13.7 per cent in Q1FY23 to 12.4 per cent in Q1FY24. This suggests that the company's operational efficiency has improved, though the decrease in margin might be attributed to higher operational costs, which is a common occurrence when scaling up operations.

Waaree's Profit After Tax (PAT) demonstrated a year-on-year growth of 12.0 per cent, resulting in Rs 111 million. However, the PAT margin experienced a decline from 10.4 per cent in Q1FY23 to 8.6 per cent in Q1FY24. This growth in PAT indicates a positive net income trend, but the shrinking margin may indicate higher tax expenses or increased costs that affected the company's overall net earnings.

During this quarter, Waaree Renewable Technologies secured a significant order for a 100 MWp solar power project in Jamnagar, Gujarat, and another 36 MWp project in Amreli, Gujarat. Moreover, the company successfully executed over 96 MW of EPC projects.

According to Hitesh Mehta, the Executive Director and CFO of the company, the renewable energy sector has witnessed substantial growth, primarily driven by solar energy, and has contributed up to 30 per cent of India's energy mix by the end of FY23.

Waaree Renewable Technologies witnessed an impressive 36 per cent surge in revenue, reaching Rs 12.9 billion, and a notable 28 per cent increase in Profit Before Tax (PBT), which stood at Rs 152 million during the first quarter of fiscal year 2024, concluding on June 30, 2023. Additionally, the company boasts an unexecuted order book of 856 MW, to be undertaken in the next 9 to 12 months, signifying substantial demand for their services and potential for enhanced market share in the renewable energy sector.The company's Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) also experienced a commendable YoY growth of 22.4 per cent, amounting to Rs 160 million. Despite this positive development, the EBITDA margin slightly declined from 13.7 per cent in Q1FY23 to 12.4 per cent in Q1FY24. This suggests that the company's operational efficiency has improved, though the decrease in margin might be attributed to higher operational costs, which is a common occurrence when scaling up operations.Waaree's Profit After Tax (PAT) demonstrated a year-on-year growth of 12.0 per cent, resulting in Rs 111 million. However, the PAT margin experienced a decline from 10.4 per cent in Q1FY23 to 8.6 per cent in Q1FY24. This growth in PAT indicates a positive net income trend, but the shrinking margin may indicate higher tax expenses or increased costs that affected the company's overall net earnings.During this quarter, Waaree Renewable Technologies secured a significant order for a 100 MWp solar power project in Jamnagar, Gujarat, and another 36 MWp project in Amreli, Gujarat. Moreover, the company successfully executed over 96 MW of EPC projects.According to Hitesh Mehta, the Executive Director and CFO of the company, the renewable energy sector has witnessed substantial growth, primarily driven by solar energy, and has contributed up to 30 per cent of India's energy mix by the end of FY23.

Next Story
Infrastructure Transport

Study Launched for Hyderabad–Chennai Bullet Train Corridor

A new feasibility study has been initiated to examine the development of a high-speed rail corridor between Hyderabad and Chennai.The proposed project aims to cut travel time between the two cities to just over two hours, a significant reduction from the current 12-hour journey by conventional trains.The study is being carried out by RITES and forms part of the government’s broader plan to expand high-speed rail connectivity across key cities in southern India.News source: News Today Net..

Next Story
Real Estate

Piyush Goyal Inaugurates Expanded ISA Building at Intellectual Property Office

Union Minister of Commerce and Industry, Piyush Goyal, today inaugurated the newly expanded International Searching Authority (ISA) building at the Intellectual Property Office (IPO) in Dwarka, New Delhi, marking a major step forward in India’s intellectual property ecosystem.Addressing the gathering, Goyal highlighted that innovation has been central to India’s heritage for centuries, citing the engineering brilliance of the Konark Temple as a historic example. He emphasised that innovation is not just intellectual property but a symbol of sovereignty, and a key driver in India’s journe..

Next Story
Real Estate

MoHUA Sanctions 1.47 Lakh Additional Houses Under PMAY-U 2.0

In a major push towards the Government’s Housing for All mission, the Ministry of Housing and Urban Affairs (MoHUA) has approved 1,46,582 additional pucca houses under Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0) for 14 States/UTs, bringing total sanctions under the revamped scheme to 8.56 lakh.The decision came during the fourth meeting of the Central Sanctioning and Monitoring Committee (CSMC), chaired by Srinivas Katikithala, Secretary, MoHUA, at the Ministry’s Kasturba Gandhi Marg office. Senior officials, State Principal Secretaries, and PMAY-U Mission Directors participated ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?