Waaree Renewable Technologies Shines in Q2 FY24 with 24.47% YoY Revenue Growth and 124.18% YoY PAT Surge

Waaree Renewable Technologies Limited, the solar developer and subsidiary of the Waaree Group, has announced its unaudited financial results for the quarter ending September 30, 2023, showcasing remarkable growth and a robust outlook for the renewable energy sector.

Key Highlights:

1. In Q2 FY24, the company recorded a revenue of Rs. 150.06 crores, reflecting a substantial 24.47% year-on-year growth compared to Rs. 120.56 crores in Q2 FY23.
2. The EBITDA for Q2 FY24 was reported at Rs. 28.09 crores, showing impressive growth of 122.83% year-on-year.
3. For the first half of FY24 (H1 FY24), the revenue reached Rs. 279.00 crores, marking a remarkable 29.41% year-on-year growth.
4. EBITDA for H1 FY24 saw an increase of 71.78%, reaching Rs. 44.08 crores compared to Rs. 25.66 crores in H1 FY23.
5. The unexecuted order book stands at an impressive 897+MW as of September 30, 2023, indicating a positive outlook for the company’s future endeavors.

Commenting on the results, Mr. Dilip Panjwani, CFO of Waaree Renewable Technologies Limited, highlighted the burgeoning demand for renewable energy sources, particularly in light of India’s commitment to achieving net-zero carbon emissions by 2070 and generating 50% of its electricity from renewables by 2030. With India’s renewable energy sector experiencing substantial growth, the company remains dedicated to bringing innovation and solutions to meet the country’s climate change goals. As India aims to reach 450 gigawatts of installed renewable energy capacity by 2030, with a significant portion from solar, Waaree Renewable Technologies is well-positioned to play a pivotal role in this transformative journey.

The company’s strong financial position, coupled with a healthy balance sheet, net cash reserves, and a disciplined working capital cycle, signifies its ability to execute profitable projects and contribute to the global clean energy transition.

Waaree Renewable Technologies’ robust order book and promising bidding pipeline instill confidence that it will continue to meet stakeholders’ expectations and contribute to the renewable energy sector’s growth.