Waaree Renewable Technologies reports strong revenue growth

True Renewable Technologies witnessed an impressive 36 percent increase in revenue, to Rs 12.9 billion, and a notable 28 percent increase in pretax profit (PBT), which amounted to Rs 152 million during the first quarter of fiscal year 2024, ending on June 30, 2023. In addition, the company has an unfulfilled order book of 856 MW, which will be executed in the next 9 to 12 months, which means significant demand for their services and potential for a larger market share in the renewable energy sector.

The company's earnings before interest, taxes, depreciation and amortization (EBITDA) also experienced commendable year-on-year growth of 22.4 percent, which equates to Rs 160 million. Despite this positive development, the EBITDA margin decreased slightly from 13.7 percent in Q1FY23 to 12.4 percent in Q1FY24. This suggests that the company's operational efficiency has improved, although the decrease in margin can be attributed to higher operating costs, which is common when scaling operations.

Waaree's profit after tax (PAT) showed a year-on-year growth of 12.0 percent, resulting in Rs 111 million. However, the PAT margin declined from 10.4 percent in Q1FY23 to 8.6 percent in Q1FY24. This growth in PAT indicates a positive net profit trend, but the shrinking margin may indicate higher tax costs or higher costs that have impacted the company's total net profit.

During this quarter, Waaree Renewable Technologies won a major order for a 100 MWp solar project in Jamnagar, Gujarat, and another 36 MWp project in Amreli, Gujarat. In addition, the company has successfully executed more than 96 MW of EPC projects.

According to Hitesh Mehta, the company's executive director and CFO, the renewable energy sector has experienced significant growth, mainly powered by solar power, contributing up to 30 percent of India's energy mix to the end of FY23.

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