Conference Call with Waaree Renewable Technologies Management and Analysts on Q1FY25 Performance and Outlook. Listen to the full earnings transcript.
Electric Utilities company Waaree Renewable Technologies announced Q1FY25 results: Financial Highlights: Revenue for Q1FY25 stood at Rs 236.35 crore representing a growth of 83.31% YoY as compared to Rs 128.94 crore in Q1FY24 EBITDA for Q1FY25 stood at Rs 41.08 crore as compared to Rs 13.40 crore in Q1FY24 representing a growth of 206.60% YoY PAT for Q1FY25 stood at Rs 28.16 crore as compared to Rs 9.13 crore in Q1FY24 representing a growth of 208.51% YoY The EPC segment delivered exceptional performance, achieving customer billing of Rs 301.30 crore for a volume of 302.95 MWp, compared to Rs 131.17 crore for a volume of 109.45 MWp Unexecuted order book stands at 2,191 MWp to be executed between 09-12 months Bidding pipeline remains robust at 15.5 GW Business Highlights: 30 MWp Ground Mounted solar power project 26.4 MWp Ground Mounted solar power project 700 KWp Rooftop solar power project 1.090 MWp Floating solar power project Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies said: As a company dedicated to sustainability, we are pleased to share our progress and future prospects. By June 2024, India's solar energy capacity has exceeded 85 GW, accounting for 19% of the country's total power capacity. This milestone underscores India's significant role in the global renewable energy sector, with the government prioritizing the energy transition and providing robust policy support emphasizing on solar energy. India’s commitment to cutting carbon intensity, achieving 50% renewable energy by 2030, and reaching net-zero emissions by 2070 is clearly demonstrated. Solar energy now represents 85% of all new renewable capacity, signalling a strategic shift towards greater energy security and reduced reliance on fossil fuels. The benefits of India's renewable energy investments extend beyond environmental improvements. This sector enhances energy security by reducing reliance on imported fossil fuels and drives technological advancements, leading to economic growth. With ongoing technological progress and supportive policies, we are confident to capitalize on these opportunities. Our robust order pipeline and strong balance sheet positions us to deliver significant value to our stakeholders while furthering global sustainability efforts." Result PDF