Waaree’s Profit Rises by 90% in Q2 FY23 Due to Solar EPC Segment Earnings

The total income for the period was ₹1.21 billion

November 14, 2022


Waaree Renewable Technologies, the engineering, procurement, and construction (EPC) arm of Waaree Group, posted a net profit of ₹81.59 million (~$1 million) in the second quarter (Q2) of the financial year (FY) 2023, a 90% year-over-year (YoY) increase.

On a quarter-over-quarter (QoQ) basis, the net profit fell by 18%.

The YoY net profit was driven by a rise in earnings from EPC contacts recorded at ₹123.65 million, an increase of 1,524% over the same period last year.

The company recorded a total income of ₹1.21 billion (~$14.85 million), a 547% YoY increase.

The earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was ₹130.35 million (~$1.6 million), a YoY increase of 24.21%.

As of September 2022, the company’s operational EPC services portfolio stood at 720 MW.

First Half of FY 2023

For the first half (1H) of FY23, Waaree Renewable Technologies posted a net profit of ₹180.82 million (~$2.23 million), an 864.38% YoY increase.

The EBITDA for the period was ₹266.86 million (~$3.29 million), a YoY increase of 85.31%.

The total income for the first six months was ₹2.17 billion (~$26.85 million), a YoY increase of 358.87%. The rise in income was due to a significant surge in EPC services profit, which grew by 6,614% YoY to ₹223.71 million (~$2.76 million).

In October, Waaree Energies raised ₹10 billion (~$122.63 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. A capacity of 4 GW is expected to be operational by January 2023.

Recently, Waaree and CubicPV entered into a multi-year supply agreement in which CubicPV agreed to supply 1 GW of silicon cells to Waaree annually. The cells will feature wafers made with CubicPV’s technology, producing wafers directly from a molten silicon bath.

In May, Waaree Energies announced it received approval from the National Company Law Tribunal to acquire solar cell manufacturer Indosolar.