Waaree Renewable Technologies Limited, the solar engineering, procurement, and construction (EPC) subsidiary of the Waaree Group, has released its audited financial results for the quarter and twelve months ending March 31, 2023. The company, which develops, constructs, owns, and operates solar projects, reported impressive performance highlights for the fiscal year 2023.
In FY23, Waaree Renewable Technologies achieved a revenue of Rs. 351 crores, reflecting a remarkable growth of 117%. The company also demonstrated a strong financial position with an EBITDA of Rs. 84 crores, resulting in EBITDA margins of 24%. Additionally, the Profit After Tax (PAT) stood at Rs. 55 crores, with PAT margins of 16%.
The company’s unexecuted order book as of now amounts to 817 MW, which is expected to be executed within the next 12-15 months. Waaree Renewable Technologies also secured a contract to establish a 1 MW Green Hydrogen plant integrated with an ecosystem on a build, own, and operate basis. During FY23, the company successfully executed over 295 MW of EPC projects, further highlighting its competence in the field. Moreover, the bidding pipeline remains strong, indicating future growth opportunities.
Commenting on the financial results, Mr. Hitesh Mehta, Executive Director & CFO of Waaree Renewable Technologies Limited, expressed his excitement about the company’s progress and the promising prospects in the solar energy sector. He emphasized India’s commitment to renewable energy and its ambitious goals of reducing carbon intensity by over 45% and achieving 50% renewable electric power by 2030. With its focus on sustainability and clean energy, Waaree Renewable Technologies is well-positioned to leverage the opportunities presented by this transformative shift.
Mr. Mehta highlighted the company’s outstanding performance in the past year, with profitability increasing by over 500%. The strong order book position and robust bidding pipeline provide confidence that Waaree Renewable Technologies will meet the expectations of its stakeholders. The company boasts a robust balance sheet, net cash, and a disciplined working capital cycle, ensuring the ability to execute profitable projects with higher returns.