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Apr 26, 2024 04:01 PM
Waaree Renewables Technologies Ltd
SECTOR : Infrastructure Developers & Operators | BSE :534618 |
Electric Utilities company Waaree Renewable Technologies announced Q3FY24 & 9MFY24 results:
- Revenue for Q3FY24 stood at Rs 324.19 crore representing a growth of 338.78% YoY as compared to Rs 73.88 crore in Q3FY23
- EBITDA for Q3FY24 stood at Rs 87.81 crore as compared to Rs 35.80 crore in Q3FY23 representing a growth of 145.30% YoY
- PAT for Q3FY24 stood at Rs 64.46 crore as compared to Rs 24.98 crore in Q3FY23 representing a growth of 158.09% YoY
- Revenue for 9MFY24 stood at Rs 603.19 crore as compared to Rs 289.47 crore in a comparative period during 9MFY23 representing growth of 108.38% YoY
- EBITDA for 9MFY24 grew by 114.60% from Rs 61.46 crore in 9MFY23 to Rs 131.89 crore
- PAT for 9MFY24 grew by 117.98% from Rs 43.06 crore in 9MFY23 to Rs 93.86 crore
- Order book Position:
- The unexecuted order book stands at 749 MW as of December 31, 2023
- Bidding pipeline remains robust
- Key Updates:
- The Board has announced the corporate action of stock split the face value of Equity shares in the ratio 1:5 per share subject to the approval of shareholders
- The Company has signed a collaboration agreement with “5B Maverick Services PTY Ltd.”
- The Company has received 70 MW Capacity ground-mounted solar power project
Commenting on the results, Dilip Panjwani, CFO, Waaree Renewable Technologies said: "During the quarter, the company registered a strong performance, with YoY growth of 338.78% in revenues and a robust growth of over 158% in profitability. EBITDA margins stood at 27.09% driven by operating leverage and a sharp focus on cost control.
India's Renewable Energy sector continues to play a pivotal role in the nation's pursuit of sustainable growth and energy security. As of August 2023, solar energy accounts for an impressive 17% of the installed power generation capacity, reflecting a significant increase from 2.8% in FY19 to 6.3% in FY23 in power consumption.
Aligned with the government's commitment to achieving a net-zero emissions target by 2070, India's solar energy sector is at the forefront of renewable energy advancements. Key policies such as the Solar Park Scheme, PM KUSUM, Grid Connected Solar Rooftop Schemes, and other initiatives underscore our dedication to expanding renewable energy sources.
We remain enthusiastic about sustaining momentum. Our commitment to global expansion, innovation, product diversification, and increased productivity through automation positions us for success. With a sound balance sheet, substantial net cash reserves, and a disciplined working capital cycle, we are well-equipped to undertake lucrative projects that yield higher returns. We also would like to extend our gratitude to stakeholders for their continued trust and support, driving us forward in this exciting phase of growth.”
