Waaree Renewable Technologies, 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).

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.

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%.

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).

Waaree’s unexecuted order book stood at more than 749 MW as of December 31, 2023.

9M FY 2024

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).

The growth in net profit can be attributed to the execution of more than 473 MW of solar EPC projects during the 9M FY24.

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).

The revenue from the EPC segment contributed to ₹5.92 billion (~$71.2 million), a YoY increase of 110%.

The EBITDA grew by 115% YoY to ₹1.32 billion (~$15.8 million) from ₹614.6 million (~$7.4 million).

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.

Waaree posted 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).

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.