Waaree Energies Q2 Results: Profit Rises 15%, Revenue Up 1%

Waaree Energies has announced its financial results for the quarter ended on September 30, 2024. The company reported a 14.7% rise in net profit to ₹361.6 crore, compared to ₹315 crore in the same period last year. Revenue increased slightly by 1% to ₹3,574.3 crore from ₹3,537.2 crore in Q2 FY24.

The company's primary business segment, Solar Photovoltaic Modules, recorded a nearly 10% decline in revenue, amounting to ₹3,053.24 crore in the July-September quarter, down from ₹3,392.40 crore in the same period last year. On the other hand, revenue from the Engineering, Procurement, and Construction (EPC) contracts grew strongly by 257%, rising to ₹516.67 crore from ₹144.58 crore in the same quarter a year ago.

Quick Insights:

• Revenue: ₹3,574.3 crore, up by 1% YoY.
• Net Profit: ₹361.6 crore, a 14.7% increase YoY.
• Segment Performance: The Engineering, Procurement, and Construction (EPC) segment grew by 257%, achieving ₹516.67 crore in revenue in Q2 FY25.
• Management’s Take: The company has announced investing ₹600 crore to enhance renewable energy projects and manufacturing capabilities.
• Stock Reaction: Waaree Energies shares price opened at ₹2,950, down by approximately 5.31%, post results announcement on Tuesday.

Management Commentary:

The company announced a significant investment of ₹600 crore in its subsidiaries to develop renewable energy infrastructure and expand its project pipeline. Waaree Energies is also exploring new opportunities in green hydrogen through electrolyser manufacturing and advanced lithium-ion energy storage solutions. Detailed plans for these ventures will be shared within the next two months.

The company’s official statement said, “The Board of Directors have approved an investment up to Rs. 6,000 Mn for setting up and development of infrastructure (including land and connectivity) for the purpose of developing Renewable Power projects and bidding pipeline.”

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Stock Market Reaction:

Waaree Energies Q2 results were announced on Monday, post-market hours. Its shares gained 6.81% prior to the results announcement, closing at ₹3,115.50 on BSE compared to ₹2,916.90 in the previous session. On Tuesday, the company’s shares opened at ₹2,950, down by approximately 5.31% from the previous close. 

About Waaree Energies

Waaree Energies is a leading player in India’s solar energy sector, with a PV module manufacturing capacity of 12 GW across five facilities. These include factories in Surat, Tumb, Nandigram, Chikhli (Gujarat), and the IndoSolar Facility in Noida (Uttar Pradesh). The company is committed to advancing renewable energy solutions and expanding its market presence.  Last month, the company’s IPO listed at ₹2,500, a 66.3% premium over its issue price of ₹1,503 per share, and was oversubscribed 76.34 times.