EPC Projects Drive Waaree’s Profit Up 12% YoY in Q1 FY 2024

The company's revenue increased by 36% YoY during the quarter


Waaree Renewable Technologies, the solar engineering, procurement, and construction (EPC) arm of the Waaree Group, posted a net profit of ₹111 million (~$1.36 million) in the first quarter (Q1) of the financial year (FY) 2024, an increase of 12% year-over-year (YoY) from ₹99 million (~$1.21 million) in Q1 FY 2023.

The growth in net profit can be attributed to the successful execution of nearly 96 MW of solar EPC projects during the quarter ended June.

The company’s total revenue stood at ₹1.29 billion (~$15.75 million), a growth of 36% YoY from ₹950 million (~$11.61 million) in Q1 FY 2023.

The revenue from EPC contracts stood at ₹1.27 billion (~$15.51 million), growing by 38% YoY from ₹918.6 million (~$11.22 million) in Q1 FY 2023.

The Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) grew by 22.5% YoY to ₹160 million (~$1.95 million) from ₹131 million (~$1.59 million) during the same period last year.

The company has an order book of 856 MW which will be executed in the next ten to 12 months.

Commenting on the results, Hitesh Mehta, Executive Director and CEO of Waaree Renewable Technologies, said, “We have a strong order book position, and the bidding pipeline also is robust. This gives us confidence that we will live up to the expectation of all our stakeholders. We have a strong balance sheet with net cash and a disciplined working capital cycle. We are determined to execute profitable projects with higher returns. We will conserve the cash for growth investments and the strong momentum in the coming years as we are confident of strong growth in the years to come.”

The company has installed more than 10,000 solar projects with a cumulative installed capacity of over 1.2 GW.

Recently, the company won an order to set up a 100 MW solar power project in Jamnagar, Gujarat, and a 36 MW capacity at Amreli in Gujarat.

The company is also developing solar power projects of 23.89 MW capacity, comprising 12.5 MW at Murtizapur and 11.39 MW at Yavatmal in Maharashtra.

In November last year, Waaree Renewable Technologies announced that it had received a letter of award for executing the EPC works for a solar power project of 52.5 MW (DC) capacity from a  steel company. The company had also received the provision of land, infrastructure, and approvals for a 70 MW (DC) capacity project.

Earlier, Waaree Energies raised ₹10 billion (~$122.13 million) from various high-net-worth individuals and private offices to help expand its manufacturing facility in India from 5 GW to 9 GW for solar modules.