Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹541.8 million (~$6.48 million) in the fourth quarter (Q4) of the financial year (FY) 2024, an increase of 341% year-over-year (YoY) from ₹122.8 million (~$1.47 million).

The company’s total revenue stood at ₹2.73 billion (~$32.68 million), a growth of 344% YoY from ₹614.9 million (~$7.36 million). The revenue from the EPC segment surged 343% YoY to ₹2.67 billion (~$31.96 million).

The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 237% YoY to ₹753 million (~$9.01 million) from ₹222.9 million (~$2.66 million).

Waaree’s unexecuted order book stood at over 2,365 MW as of March 31, 2024.

The company said its bidding pipeline remains robust.

Full Year 2024

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).

The growth in net profit can be attributed to the execution of 704 MW of solar EPC projects during the year.

The company’s total revenue for the year stood at ₹8.76 billion (~$104.88 million), a growth of 150% YoY from ₹3.51 billion (~$42.02 million). The revenue from the EPC segment surged 151% YoY to ₹8.58 billion (~$102.72 million).

The annual EBITDA grew 147% YoY to ₹2.07 billion (~$24.78 million) from ₹837.5 million (~$10.02 million).

The company’s key ongoing projects include a 980 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 at Thoothukudi, Tamil Nadu, and a 78 MW ground-mounted project at in Chhattisgarh.

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.

Waaree posted a net profit of ₹644.6 million (~$7.7 million) in the third quarter of FY 2024, an increase of 158% YoY from ₹249.8 million (~$3 million).