Electric Utilities company Waaree Renewable Technologies announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Revenue for Q4FY24 stood at Rs 273.25 crore representing a growth of 344.40% YoY as compared to Rs 61.49 crore in Q4FY23 EBITDA for Q4FY24 stood at Rs 75.30 crore as compared to Rs 22.29 crore in Q4FY23 representing a growth of 237.83% YoY PAT for Q4FY24 stood at Rs 54.18 crore as compared to Rs 12.28 crore in Q4FY23 representing a growth of 341.41% YoY FY24 Financial Highlights: Revenue for FY24 stood at Rs 876.44 crore representing a growth of 149.73% YoY as compared to Rs 350.96 crore in FY23 EBITDA for FY24 stood at Rs 207.18 crore as compared to Rs 83.75 crore in FY23 representing a growth of 147.40% YoY PAT for FY24 stood at Rs 148.04 crore as compared to Rs 55.33 crore in FY23 representing a growth of 167.55% YoY Commenting on the results, Dilip Panjwani, 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 has set an ambitious target to reduce the carbon intensity of the nation’s economy by less than 45% by the end of the decade, achieve 50 percent cumulative electric power installed by 2030 from renewables, and achieve net-zero carbon emissions by 2070. The country aims for 500 GW of renewable energy installed capacity by 2030. The country’s renewable energy market is on the rise, with a record 69GW of bids in FY24, surpassing the government's target. Solar power, both grid-scale and rooftop, remains the primary contributor, accounting for 81% of the added capacity. The installed solar energy capacity has increased by 30 times in the last 9 years and stands at 81.81 GW as of March 2024. Policy initiatives like the PM Surya Ghar: Muft Bijli Yojana aim to further boost solar installations, particularly in residential areas. With a strong balance sheet and disciplined financial management, the focus is on executing profitable projects with higher returns. This progress signifies not only environmental strides but also promising economic prospects in India's renewable energy landscape. We are also pleased to inform you that the board of directors has recommended a dividend of Rs 1/- for the face value of share of Rs 2/- each. With a sound balance sheet and disciplined capital management, we are well-equipped for the next phase of growth. We also would like to extend our gratitude to stakeholders for their continued trust and support.” Result PDF
Electric Utilities company Waaree Renewable Technologies announced Q3FY24 & 9MFY24 results: Revenue for Q3FY24 stood at Rs 324.19 crore representing a growth of 338.78% YoY as compared to Rs 73.88 crore in Q3FY23 EBITDA for Q3FY24 stood at Rs 87.81 crore as compared to Rs 35.80 crore in Q3FY23 representing a growth of 145.30% YoY PAT for Q3FY24 stood at Rs 64.46 crore as compared to Rs 24.98 crore in Q3FY23 representing a growth of 158.09% YoY Revenue for 9MFY24 stood at Rs 603.19 crore as compared to Rs 289.47 crore in a comparative period during 9MFY23 representing growth of 108.38% YoY EBITDA for 9MFY24 grew by 114.60% from Rs 61.46 crore in 9MFY23 to Rs 131.89 crore PAT for 9MFY24 grew by 117.98% from Rs 43.06 crore in 9MFY23 to Rs 93.86 crore Order book Position: The unexecuted order book stands at 749+ MW as of December 31, 2023 Bidding pipeline remains robust Key Updates: The Board has announced the corporate action of stock split the face value of Equity shares in the ratio 1:5 per share subject to the approval of shareholders The Company has signed a collaboration agreement with “5B Maverick Services PTY Ltd.” The Company has received 70 MW Capacity ground-mounted solar power project Commenting on the results, Dilip Panjwani, CFO, Waaree Renewable Technologies said: "During the quarter, the company registered a strong performance, with YoY growth of 338.78% in revenues and a robust growth of over 158% in profitability. EBITDA margins stood at 27.09% driven by operating leverage and a sharp focus on cost control. India's Renewable Energy sector continues to play a pivotal role in the nation's pursuit of sustainable growth and energy security. As of August 2023, solar energy accounts for an impressive 17% of the installed power generation capacity, reflecting a significant increase from 2.8% in FY19 to 6.3% in FY23 in power consumption. Aligned with the government's commitment to achieving a net-zero emissions target by 2070, India's solar energy sector is at the forefront of renewable energy advancements. Key policies such as the Solar Park Scheme, PM KUSUM, Grid Connected Solar Rooftop Schemes, and other initiatives underscore our dedication to expanding renewable energy sources. We remain enthusiastic about sustaining momentum. Our commitment to global expansion, innovation, product diversification, and increased productivity through automation positions us for success. With a sound balance sheet, substantial net cash reserves, and a disciplined working capital cycle, we are well-equipped to undertake lucrative projects that yield higher returns. We also would like to extend our gratitude to stakeholders for their continued trust and support, driving us forward in this exciting phase of growth.” Result PDF
Electric Utilities company Waaree Renewable Technologies announced Q2FY24 & H1FY24 results: Revenue for the Q2FY24 stood at Rs 150.06 crore representing a growth of 24.47% YoY as compared to Rs 120.56 crore in Q2FY23 EBITDA for Q2FY24 stood at Rs 28.09 crore as compared to Rs 12.61 crore in Q2FY23 representing a growth of 122.83% YoY Revenue for the H1FY24 stood at Rs 279.00 crore as against revenue of Rs 215.59 crore in a comparative period during H1FY23 representing growth of 29.41% YoY EBITDA for the H1FY24 grew by 71.78% from Rs 25.66 crore in H1FY23 to Rs 44.08 crore Order book Position: The unexecuted order book stands at 897+MW as of September 30, 2023 Bidding pipeline remains robust Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies said, "The demand for energy remains robust and this growing demand is planned to be met by environment-friendly renewable energy sources. India's recent commitment to achieving net zero carbon emissions by 2070 and generating half of its electricity from renewables by 2030 marks a pivotal moment in the global campaign against climate change. India's renewable energy sector is experiencing unparalleled growth, with new capacity additions expected to double by 2026, thanks to increased government support and improved financial viability, making it an appealing prospect for investors. As the country works to meet its projected energy demand of 15,820 terawatt-hours by 2040, renewable energy is set to play a crucial role. The country aims to reach 450 gigawatts of installed renewable energy capacity by 2030, with solar contributing over 60% or approximately 280 gigawatts. The Company remains committed to bringing the latest innovations and solutions to optimize renewable energy in meeting the country’s climate change goals. The company is adding IPP solutions to meet the demand for renewable power sources. In conclusion, our commitment to delivering solutions consistently aligns with the government's vision for a transition to renewable energy sources, reduced carbon emissions, and climate change mitigation. With a promising long-term outlook driven by the global emphasis on clean energy and substantial solar capacity expansion by IPPs worldwide, our company is well-poised to seize this opportunity. We're delighted to report a robust order book and a strong bidding pipeline, instilling confidence that we will meet the expectations of all our stakeholders. Our strong financial footing, characterized by a healthy balance sheet, net cash reserves, and a disciplined working capital cycle, empowers us to execute profitable projects with higher returns.” Result PDF
Electric utilities company Waaree Renewable Technologies announced Q1FY24 results: Revenue stood at Rs 129 crore in Q1FY24 compared to Rs 95 crore in Q1FY23; growth of 36% EBITDA stood at Rs 16 crore in Q1FY24 compared to Rs 13.1 crore in Q1FY23; growth of 22.5% EBITDA margins of 12.4% in Q1FY24 compared to 13.7% in Q1FY23 PBT stood at Rs 15.2 crore in Q1FY24 compared to Rs 11.9 crore in Q1FY23; growth of 28.1% YoY PAT stood at Rs 11.1 crore in Q1FY24 compared to Rs 9.9 crore in Q1FY23; growth of 12% YoY PAT margins of 8.6% in Q1FY24 compared to 10.4% in Q1FY23 Order book Position: Unexecuted order book as of the date of 856 MW to be executed in the next 9 to 12 months The company has recently won an order to set up a solar power project of 100 MWp capacity at Jamnagar, Gujarat, and 36 MWp capacity at Amreli, Gujarat Successfully executed over 96+ MW of EPC projects in Q1FY24 Bidding pipeline remains robust Commenting on the results Hitesh Mehta, Executive Director & CFO, Waaree Renewable Technologies, said: "As a company dedicated to promoting sustainable solutions, we are happy to share our progress and the immense opportunities that lie ahead. India has made remarkable strides in renewable energy, boasting an installed capacity of approximately 125 GW. Notably, solar energy leads the way with 67 GW, closely followed by wind capacity at 43 GW. This impressive growth has significantly increased the contribution of renewable energy to the country's energy mix, rising from 15% at the end of FY16 to an impressive 30% by the end of FY23. The government of India has played a pivotal role in driving this positive trajectory by setting ambitious targets, aiming to achieve 500 GW of non-fossil fuel-based capacity by 2030. This strong commitment, combined with effective policy formulation and implementation, has acted as a major catalyst in propelling the renewable energy sector forward. Our Company is rightly positioned to take advantage of this opportunity. 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 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
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