Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹182.9 million (~$2.2 million) in the second quarter (Q2) of the financial year (FY) 2024, an increase of 124% year-over-year (YoY) from ₹81.6 million (~$14.4 million).

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 ~168 MW of EPC projects during the quarter.

Waaree’s unexecuted order book stood at more than 897 MW as of September 30, 2023.

The company’s total revenue stood at ₹1.5 billion (~$18 million), a growth of 24% YoY from ₹1.2 billion (~$ million). The revenue from the EPC segment contributed to ₹1.46 billion (~$17.5 million), a YoY increase of 24%.

The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 123% YoY to ₹280.9 million (~$3.4 million) from ₹126.1 million (~$1.5 million) during the same period last year.

First half

Waaree posted a net profit of ₹294 million (~$3.5 million) in the first half (1H) of FY 2024, an increase of 63% YoY from ₹180.8 million (~$2.2 million).

The growth in net profit can be attributed to the execution of more than 264 MW of solar EPC projects during the 1H 2024.

The company’s total revenue stood at ₹2.79 billion (~$33.5 million), a growth of 29% YoY from ₹2.16 billion (~$25.9 million).

The EBITDA grew by 72%  YoY to 440.8 million (~$5.3 million)  from ₹256.6 million (~$3 million) during the same period last year.

During Q1 of FY 24, the company posted a net profit of ₹111 million (~$1.36 million), a 12% YoY increase as the company executed 96 MW of solar EPC projects.

Waaree Renewable Technologies was also featured in the Top 5 Large-Scale EPC Companies in Mercom’s recently released India Solar Market Leaderboard 1H 2023 report.