Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a total revenue of ₹2.36 billion (~$28.18 million) in the first quarter (Q1) of the financial year (FY) 2025, an increase of 83.3% year-over-year (YoY).

Revenue from the EPC segment alone surged by 80.4% YoY, reaching ₹2.29 billion (~$27.34 million). This performance is underscored by customer billings amounting to ₹3.01 billion (~$35.94 million) for a volume of 302.95 MW, compared to ₹1.31 billion (~$15.64 million) for a volume of 109.45 MW YoY.

The earnings before interest, taxes, depreciation, and amortization grew by 206.6% YoY to ₹410.8 million (~$4.9 million).

The company posted a net profit of ₹281.6 million (~$3.36 million) in Q1 FY 2025, an increase of 208.5% over the same period last year.

During the quarter, Waaree executed orders exceeding 217 MW. As of June 30, 2024, the company’s unexecuted order book stood at over 2,191 MW.

Waaree said its bidding pipeline remains robust at 15.5 GW.

Among the key 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.

Waaree posted an annual net profit of ₹1.48 billion (~$17.71 million) in FY 2024, an increase of 167% YoY from ₹553.3 million (~$6.62 million).

Waaree Renewable Technologies emerged as one of the top utility-scale solar EPC service providers in the calendar year 2023, according to Mercom’s India Solar Market Leaderboard CY 2023.