Electric utilities company Waaree Renewable Technologies announced FY23 results: In FY23, revenue stood at Rs 351 crore; growth of 117%, EBITDA stood at Rs 84 crore; EBITDA margins of 24% & PAT stood at Rs 55 crore; PAT margins of 16% The board of directors has declared a dividend of Re 1 per equity share of Rs 10 Order book position: Unexecuted order book as of the date of 817 MW to be executed over the next 12-15 months The company has won a contract to set up a 1 MW Green Hydrogen plant integrated with the ecosystem on a build, own and operate basis Successfully executed over 295 MW of EPC projects in FY23 Bidding pipeline remains robust Commenting on the results Hitesh Mehta, Executive Director & CFO, Waaree Renewable Technologies, said: "As a company committed to driving sustainable solutions, we are excited to share our progress and the significant opportunities that lie ahead. India is on the brink of a major shift towards solar energy, with solar set to become the top contributor to new renewable energy capacity additions. India has set ambitious targets for a sustainable economy and power sector. The country aims to reduce carbon intensity by over 45% and achieve 50% renewable electric power by 2030. Renewable energy is transforming the country's power sector, meeting the rising demand for clean energy in homes, businesses, and communities. Our Company is rightly positioned to take advantage of this opportunity. Our performance in the last year was stupendous with our profitability increasing over 500%. We are also happy to inform you all that we have a strong orderbook position and the bidding pipeline also is robust. This gives us confidence that we will live up to the expectation of all our stakeholders. We have a very strong balance sheet with net cash and a disciplined working capital cycle. We are determined to execute profitable projects with higher returns. We are pleased to inform you all, the board of directors have recommended a dividend of Re 1/- for the FV of share of Rs 10/- each. We will conserve the cash for growth investments and the strong momentum in the coming years as we are confident of strong growth in the years to come." Result PDF