Waaree Renewable Technologies reports strong revenue growth

26 Jul 2023 CW Team

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.

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