Module Sales Drive Waaree Energies’ Profit Up 260% in Q3 FY 2025
The company’s PAT jumped 60.62% in 9M FY 2025
February 3, 2025
Follow Mercom India on WhatsApp for exclusive updates on clean energy news and insights
Waaree Energies’ net profit for the third quarter (Q3) of the financial year (FY) 2024-25 rose 260% to ₹5.07 billion (~$58.54 million) from ₹1.41 billion (~$16.28 million) a year ago.
The company attributed the growth to expanding solar markets in India and abroad and the falling costs of solar power and batteries.
It’s revenue increased 114.63% year-over-year (YoY) to ₹35.45 billion (~$409.31 million) from ₹16.52 billion (~$190.74 million).
Revenue from solar modules, the company’s primary source of revenue, rose 122% to ₹31.08 billion (~$358.11 million) in the October to December quarter, compared to ₹14.02 billion (~$161.54 million) in the same period a year ago.
Its Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) also rose 256.97% YoY to ₹8.1 billion (~$93.52 million) from ₹2.27 billion (~$26.21 million).
The company’s Earnings Per Share (EPS) came in at ₹18.33 (~$0.211) during the quarter compared to ₹4.88 (~$0.056) during the same period the previous year.
9M Results
In the first nine months (9M) of FY 2025, Waaree Energies’ net profit grew 60.62% YoY to ₹12.84 billion (~$148.25 million) from ₹7.99 billion (~$92.25 million).
The company’s consolidated income jumped 24.11% to ₹107.05 billion (~$1.23 billion) from ₹86.25 billion (~$995.87 million).
Waaree Energies’ EBITDA surged 56.38% YoY to ₹20.64 billion (~$238.31 million) in 9M FY 2025 from ₹13.2 billion (~$152.41 million).
The company’s manufacturing capacity includes 15 GW solar modules and 5.4 GW solar cells. It has projects of 2.5 GW capacity in its pipeline, with solar and wind projects comprising 640 MW of the total capacity.
Amit Paithankar, Whole Time Director and CEO, Waaree Energies, said that contracts from the U.S. contributed between 15% and 20% of the company’s revenue mix.
The company utilized a capital expenditure of ₹5.51 billion (~$63.62 million) and an investment of ₹2 billion (~$23.09 million) to set up a 300 MW electrolyzer manufacturing plant.
It utilized a capital expenditure of ₹20.73 billion (~$239.35 million) and an investment of ₹6.5 billion (~$75.05 million) to set up a 3.5 GWh lithium-ion advanced chemistry storage cell manufacturing plant.
The company invested ₹1.3 billion (~$15.01 million) in its inverter business and ₹6.5 billion (~$75.05 million) to develop renewable power infrastructure.
The company’s order book includes projects of 26.5 GW capacity worth ₹500 billion (~$5.77 billion).
It commenced trial production of 5.4 GW solar cells, and commercial production at its 1.6 GW U.S.-based solar module line.
Waaree Energies’ cell factory involves a 1.4 GW monocrystalline passivated emitter and rear cell project in advanced stages of trial production and a 4 GW tunnel oxide passivated contact technology project, expected to be operational by April to May 2025. The company’s 6 GW production-linked incentive project for ingots cells and wafers is progressing as planned.
The company said its U.S. operations are structured to be profitable on their own merit. However, the Inflation Reduction Act or similar programs will provide significant additional benefits if they continue in some form.
Waaree Energies was awarded a production-linked incentive for a 300 MW electrolyzer manufacturing facility for a 90 KT green hydrogen production project.
Earlier this year, the company acquired renewables platform Enel Green Power for ₹7.92 billion (~$91.44 million).
In October 2024, Waaree Energies raised ₹43.21 billion (~$513.95 million) in its initial public offering.