Waaree Renewable Q1 profit surges 34%; order book stays above ₹5,300 crore

The EPC arm of the Waaree Group, Waaree Renewable Technologies Ltd (WRTL), on Wednesday (July 22) reported a 34% year-on-year rise in net profit for the June quarter, driven by strong revenue growth.

Revenue from operations rose 53% year-on-year to ₹924 crore during the quarter, while EBITDA increased 48% to ₹173 crore. The company's EBITDA margin stood at 18.8%, compared with 19.5% in the corresponding quarter last year.

Order book remains strong

The company said its consolidated unexecuted order book stood at more than ₹5,300 crore at the end of the quarter. Its bidding pipeline includes more than 37 GWp of solar projects, over 10 GWh of battery energy storage system (BESS) projects and transmission and distribution opportunities worth more than ₹20,000 crore.

During the quarter, the company secured a 1,520 MWh BESS order and a 450 MWp ground-mounted solar power project.

Expands beyond solar EPC

Waaree Renewable said it is broadening its presence across the clean energy value chain through adjacent businesses. During the quarter, it completed the acquisition of a 55% stake in Associated Power Structures Pvt. Ltd.

Manmohan Sharma, CFO, Waaree Renewable Technologies Limited, said, "
This strengthens our capabilities in transmission and distribution (T&D), enabling us to offer integrated solutions while continuing to expand our renewable EPC business in a disciplined and scalable manner."

The company added that it is expanding beyond its core solar EPC business into transmission and distribution (T&D) and battery energy storage systems (BESS).

The company added that its focus remains on disciplined project execution, operational excellence and expanding its capabilities across renewable energy and related infrastructure segments.

Waaree Renewable Technologies shares ended 0.70% higher at ₹1,020 on the NSE on Wednesday, gaining ₹7.10 ahead of the company's June quarter earnings announcement.

Also Read: FIIs turn sellers again after a day's pause as markets end lower