Waaree Renewable Reports Net Profit Of Rs 28.16 Cr, Up By 208%

Waaree Renewable Technologies, a solar developer that finances, constructs, owns and operates solar projects, on Wednesday reported Net Profit of Rs 28.16 crore in Q1FY25, which jumped by 208.51 per cent compared to Rs 9.13 crore in Q1FY24.

The revenue for Q1FY25 stood at Rs 236.35 crore representing a growth of 83.31 per cent year-on-year 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 per cent year-on-year.

Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies Limited 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 per cent 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.”

Waaree Renewable Technologies (WRTL) is a subsidiary company of Waaree Group and spearheading the Solar EPC business. Waaree Group has successfully installed 10000 plus solar projects with cumulative installation done for over 1.9 plus GW.