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					</table><p><a href="https://waareertl.com/" target="_blank" rel="noopener">Waaree Renewable Technologies</a>, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹644.6 million (~$7.7 million) in the third quarter (Q3) of the financial year (FY) 2024, an increase of 158% year-over-year (YoY) from ₹249.8 million (~$3 million).</p>
<p>The increase in net profit could be attributed to the increase in the EPC orders won and executed by the company during the period. The company executed ~208 MW of EPC projects during the quarter.</p>
<p>The company’s total revenue stood at ₹3.24 billion (~$38.9 million), a growth of 339% YoY from ₹738.8 million (~$8.9 million). The revenue from the EPC segment contributed ₹3.19 billion (~$38.4 million), a YoY increase of 352%.</p>
<p>The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 145% YoY to ₹878.1 million (~$10.6 million) from ₹358 million (~$4.3 million).</p>
<p>Waaree’s unexecuted order book stood at more than 749 MW as of December 31, 2023.</p>
<p><strong>9M FY 2024</strong></p>
<p>Waaree posted a net profit of ₹938.6 million (~$11.3 million) in the first nine months (9M) of FY 2024, an increase of 118% YoY from ₹430.6 million (~$5.2 million).</p>
<p>The growth in net profit can be attributed to the execution of more than 473 MW of solar EPC projects during the 9M FY24.</p>
<p>The company’s total revenue stood at ₹6.03 billion (~$72.5 million), a growth of 108% YoY from ₹ 2.89 billion (~$34.8 million).</p>
<p>The revenue from the EPC segment contributed to ₹5.92 billion (~$71.2 million), a YoY increase of 110%.</p>
<p>The EBITDA grew by 115% YoY to ₹1.32 billion (~$15.8 million) from ₹614.6 million (~$7.4 million).</p>
<p>The company’s key ongoing projects include – a 295.68 MWp solar project in Andhra Pradesh; 210 MWp and 150 MWp projects in Madhya Pradesh; 154 MWp project in Tamil Nadu; 100 MWp ground-mount and 6.62 MWp rooftop solar project in Gujarat; 78 MWp ground mount and 6.5 MWp rooftop solar projects in Chhattisgarh and 70 MWp ground-mount solar project in Maharashtra.</p>
<p>Waaree <a href="https://www.mercomindia.com/waaree-renewable-profit-q2-fy24/" target="_blank" rel="noopener">posted</a> a net profit of ₹182.9 million (~$2.2 million) in the second quarter of FY 2024, an increase of 124% YoY from ₹81.6 million (~$14.4 million).</p>
<p>Waaree Renewable Technologies was also featured in the Top 5 Large-Scale EPC Companies in Mercom’s recently released <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-1h-2023-market-shares-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 1H 2023</a> report.</p>


Waaree Renewable Tech’s Profit Surges by 158% to ₹645 Million YoY in Q3 FY24

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