Waaree Renewable Technologies, the solar EPC subsidiary of Waaree Group, announced its June quarter financial performance today, July 17, reporting a net profit of ₹86 crore, a 207% increase compared to ₹28 crore in the same period last year.
However, the profit was lower on a sequential basis, as the company had reported ₹94 crore in the preceding quarter. Revenue from operations during the reporting quarter came in at ₹603 crore, compared to ₹236.35 crore in Q1 FY25, which is a 155% YoY growth.
The revenue from its EPC contracts, which contributes over 95% of the company’s total revenue, surged to ₹594.3 crore in Q1 FY25 from ₹228 crore in the same period last year. Revenue from power sales also rose sharply to ₹9 crore, compared to ₹2.3 crore a year ago, as per the company’s earnings’ filing.
On the operating front, the company reported EBITDA of ₹120.3 crore for the quarter, marking a significant jump from ₹41.2 crore in Q1 FY25. EBITDA margin expanded to 19.9% from 17.6%, reflecting improved operating efficiency.
Meanwhile, the company’s shares had been buzzing on Dalal Street in the run-up to the results, gaining 24% in the last two trading sessions.
The company is engaged in the business of renewable energy solutions, with a specific focus on solar power. The company operates as a solar engineering, procurement, and construction (EPC) company. It is also a solar developer that finances, constructs, owns, and operates solar projects.
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