Waaree Renewable Technologies Limited (WRTL), the Solar engineering, procurement and construction (EPC) division of Waaree Group, has released its unaudited financial results for the second quarter and half-year ending September 30, 2024. The company reported Q2-FY25 revenue of Rs 5,244.7 million, marking a 249.50 per cent year-on-year increase from Rs 1,500.6 million in Q2-FY24. Profit After Tax (PAT) for the quarter was Rs 535.2 million, while the current unexecuted order book stands at 1.7 GWp, with an execution timeline of 9-12 months.
For the first half of FY25, Waaree recorded revenue of Rs 7,608.2 million, a 172.70 per cent rise from Rs 2,790 million in H1FY24. EBITDA for Q2-FY25 reached Rs 715.7 million, up by 133.27 per cent from Rs 306.8 million in Q2-FY24. H1FY25 EBITDA stood at Rs 1126.5 million, marking a 155.56 per cent increase over Rs. 440.8 million in H1FY24. PAT for H1FY25 totalled Rs. 816.8 million, showing a 175.29 per cent increase from Rs. 296.7 million in H1FY24.
The EPC segment recorded customer billing of Rs. 5,833.6 million for a volume of 528.56 MWp, compared to Rs. 1,410.9 million for 169.59 MWp in the previous year. New orders include a 30 MWp ground-mounted solar power project, a 3.4 MWp ground-mounted solar project, a 26.4 MWp ground-mounted solar project, and a 1.09 MWp floating solar project.
In August 2024, WRTL reported a profit of Rs 281.6 million for Q1 FY24-25, marking a 208.51 per cent YoY growth in its first quarter. The company achieved revenues of Rs 2.36 billion (up 83.31 per cent YoY) and an EBITDA of Rs 410.8 million (up 206.6 per cent YoY), with the EPC segment delivering 302.95 MW of projects. In July 2024, WRTL received EPC order from ISMT Limited for a ground-mounted solar power project of 30 MWp DC capacity in Helas village of Jalna district in Maharashtra.
