Waaree Energies Limited has announced impressive financial results for the second quarter of the fiscal year 2024-25, revealing a 17% increase in net profit to ₹375.65 crore, compared to ₹320.12 crore in the same quarter last year. The results were disclosed on November 18, 2024, following a trading session where the company’s shares surged ahead of the earnings release.
Key Financial Highlights
- Net Profit: ₹375.65 crore (up 17% YoY)
- Revenue from Operations: ₹3,474.37 crore (up 1% YoY)
- Solar Photovoltaic Modules Revenue: ₹3,053.24 crore (down nearly 10% YoY)
- EPC Contracts Revenue: ₹516.67 crore (up 257% YoY)
- Order Book: 20 gigawatts as of September 30, 2024
The marginal increase in total revenue reflects a challenging market environment for solar photovoltaic module sales, which saw a significant decline compared to the previous year. However, this was offset by a remarkable growth in the Engineering, Procurement, and Construction (EPC) segment, which has become a critical driver of revenue for the company.
Stock Market Reaction
Following the announcement of these results, Waaree Energies’ shares closed at ₹3,115.50, marking an increase of 6.81% from the previous day’s close. This positive market response underscores investor confidence in the company’s strategic direction and operational capabilities post-IPO.
Future Investments and Strategic Initiatives
In a move to bolster its growth trajectory, Waaree Energies’ Board of Directors approved an investment of up to ₹600 crore aimed at enhancing infrastructure for renewable power projects and expanding its bidding pipeline. This investment is expected to support the company’s long-term goals in renewable energy development and bolster its competitive edge in the market.Additionally, discussions are underway regarding entering the manufacturing of electrolyzers for green hydrogen and establishing facilities for lithium-ion advanced chemistry storage cells. These initiatives align with the company’s commitment to innovation and sustainability within the renewable energy sector.
Conclusion
Waaree Energies Limited’s strong performance in Q2 FY25 reflects its resilience and adaptability in a competitive market landscape. The company’s focus on expanding its EPC operations and investing in future technologies positions it well for sustained growth as India continues to push towards renewable energy goals.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Readers should conduct their own research or consult with a financial advisor before making investment decisions.
