+
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.

Related Stories

Gold Stories

Next Story
Infrastructure Urban

KONE Opens India's First Digital Experience Centre in Pune

KONE, a global elevator and escalator manufacturer, has inaugurated its first Digital Experience Centre (DEC) in India, located in Pune. The facility aims to showcase how artificial intelligence (AI), connectivity and data-driven technologies can enhance customer experiences and improve building operations.The centre was inaugurated by Jussi Herlin, Executive Vice Chair, KONE Corporation; Philippe Delorme, President and CEO, KONE; and Nandan Nilekani, Co-founder and Chairman of the Board, Infosys.Designed as an interactive customer environment, the facility demonstrates digital solutions cover..

Next Story
Infrastructure Urban

CII GreenCo Launches Circularity Guidelines for Indian Industry

The Confederation of Indian Industry (CII) GreenCo Council has launched the CII GreenCo Circularity Guidelines – Pilot Version at the 17th CII GreenCo Waste & Resource Management Summit 2026 in Chennai. The initiative aims to strengthen resource efficiency, waste reduction and circular economy practices across Indian manufacturing and process industries.The guidelines introduce a structured framework with circularity indices covering raw materials, consumables, packaging and other resource inputs. These indicators will help industries assess existing practices, identify opportunities to ..

Next Story
Infrastructure Energy

Global Electronics Association Launches IPC-1783-CO2E Standard

The Global Electronics Association has introduced IPC-1783-CO2E, a new international standard aimed at improving consistency, transparency and comparability in product carbon footprint reporting across the electronics manufacturing industry.The standard, titled International Standard for Data Collection and Reporting of CO2 Equivalent (CO2e) Emissions for the Electronics Manufacturing Supply Chain, provides industry-specific guidance for collecting, estimating and reporting carbon emissions data.With increasing regulatory requirements and customer expectations, electronics manufacturers face c..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code