Waaree Renewable Technologies Reports Stellar Q2FY24 Results with 24.47% Revenue Growth

Solar EPC Company Demonstrates Impressive Financial Performance and Strengthens Order Book

Waaree Renewable Technologies Limited, the Solar EPC / IPP subsidiary of the Waaree Group, has released its unaudited financial results for the quarter ended September 30, 2023. The company has shown impressive growth and financial performance in Q2 and H1 of the fiscal year 2024. Here are the key highlights:

  1. Revenue Growth: In Q2FY24, the company achieved a revenue of Rs. 150.06 crores, marking a significant growth of 24.47% YoY when compared to Rs. 120.56 crores in Q2FY23. This demonstrates the company’s ability to generate strong top-line growth.
  2. EBITDA Surge: Waaree Renewable reported an EBITDA of Rs. 28.09 crores in Q2FY24, a substantial increase from Rs. 12.61 crores in Q2FY23, indicating a remarkable growth of 122.83% YoY. This signifies a robust improvement in operating profitability.
  3. Half-Year Performance: The H1FY24 results also show a positive trend, with revenue at Rs. 279.00 crores, up from Rs. 215.59 crores in H1FY23, representing a growth of 29.41% YoY. The EBITDA for H1FY24 grew by 71.78% to reach Rs. 44.08 crores from Rs. 25.66 crores in H1FY23.
  4. Order Book Strength: As of September 30, 2023, the company’s unexecuted order book stands at an impressive 897+MW, with a robust bidding pipeline, indicating strong demand for its services and products.

Mr. Dilip Panjwani, the CFO of Waaree Renewable Technologies Limited, emphasized the significant growth potential in India’s renewable energy sector. He highlighted India’s commitment to achieving net zero carbon emissions by 2070 and generating half of its electricity from renewables by 2030, positioning the company well in this critical global climate change effort.

This performance reflects the overall growth and potential within India’s renewable energy sector, aligning with the country’s ambitious clean energy goals and global clean energy trends.