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Waaree Renewable Technologies Limited Reports 864% Y-o-Y Growth in Net Profit from H1 September 2022

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Waaree Renewable Technologies Limited reports 864% Y-o-Y growth in net profit from H1 September 2022

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Waaree Renewable Technologies Limited, the listed EPC subsidiary of Waaree Energies Ltd, announced its financial results for the second quarter and half year ended September 30, 2022. The company reported a net profit after tax of INR 18.08 crore in the September 2022 half year ended against the net profit after tax of INR 1.88 crore during the previous half year ended September 2021, confirming a 864% growth Y-o-Y.

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Key Highlights:

●       Half year ended revenue from operation of INR 215.59 crore a highest ever for the company

●       The company’s consolidated revenue increased to 446% Y-O-Y

●       EBITDA for the half year ended reported as INR 26.69 crore, up by 85.31% over H1 FY 2021

●       The company reported second quarter revenue of INR 120.56 crore from operation a 26.87% increase on Q-o-Q basis.

 

Consolidated results for September 30, 2022

    (Rs. In Lakhs)

ParticularsQuarter EndedSix Months Ended
Sept 30, 2022June 30, 2022Sept 30, 2021Y-o-YSept 30, 2022Sept 30, 2021Y-o-Y
Total Income12099.019562.461868.41547.56%21661.474720.62358.87%
EBITDA1303.551365.011049.4924.21%2668.561440.0685.31%
PAT815.88992.33429.9089.78%1808.21187.50864.38%

Mr Hitesh Mehta, CFO, Waaree Group comments on Waaree RTL’s performance, “We are very pleased to leverage the tremendous opportunity from growing energy demand in India and several positive policy initiatives by the GOI for the solar energy sector. This reflects in our strong growth in this quarter which portrays our focused approach to operational efficiencies and profitability. We aim to position us one of the leading solar EPC players in the space. We want to be instrumental in adhering to the ESG Compliance and aim to achieve net zero vision for India.”

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