Waaree's Q1 FY 2025 Profit Soars 208% with EPC Segment Revenue Growth

02 Aug 2024 CW Team

Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) division of the Waaree Group, reported a total revenue of Rs 2.36 billion for the first quarter (Q1) of the financial year (FY) 2025, reflecting an increase of 83.3 per cent compared to the previous year.

Revenue from the EPC segment alone increased by 80.4 per cent year-over-year (YoY), reaching Rs 2.29 billion. This performance was highlighted by customer billings totaling Rs 3.01 billion for a volume of 302.95 MW, compared to Rs 1.31 billion for a volume of 109.45 MW Y-o-Y.

The earnings before interest, taxes, depreciation, and amortization grew by 206.6 per cent Y-o-Y to Rs 410.8 million.

The company reported a net profit of Rs 281.6 million in Q1 FY 2025, marking an increase of 208.5 per cent from the same period the previous year.

During the quarter, Waaree completed orders totalling over 217 MW. As of June 30, 2024, the company?s unexecuted order book was more than 2,191 MW.

Waaree noted that its bidding pipeline remains strong, standing at 15.5 GW.

Among the major ongoing projects are several large-scale installations, including a 980 MW and a 295.68 MW ground-mounted project in Kurnool, Andhra Pradesh; a 412 MW ground-mounted project in Bikaner, Rajasthan; a 210 MW ground-mounted project in Khandwa, Madhya Pradesh; a 154 MW ground-mounted project in Thoothukudi, Tamil Nadu; a 100 MW ground-mounted project in Jamnagar, Gujarat; and a 1.090 MW floating solar power project also in Gujarat.

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