Waaree Energies Q2 Results: Waaree Energies, the country's largest solar panel manufacturer, today (18 November 2024) announced its second quarter results for the financial year 2024-25. This is the company's first quarterly result after the IPO listing. Waaree Energies' net profit has seen tremendous growth year-on-year (YoY). Comparing the figures, the net profit increased from Rs 320.1 crore to Rs 375.6 crore, showing a difference of Rs 55.538 crore year-on-year (YoY). This shows a remarkable growth of 17 percent year-on-year.

Earlier, in the July-September period of the previous financial year 2023-24, Wari Energies had earned a profit of Rs 320.1 crore. This is the first quarterly result of Wari Energies after being listed on 28 October. The company's stock was listed at Rs 2,550, up 69.66 percent from its issue price of Rs 1,503. The company's total income increased to Rs 3,663.4 crore in the quarter under review, from Rs 3,558.5 crore in the second quarter of the previous financial year. The company's expenditure during the quarter stood at Rs 3,164.6 crore, as against Rs 3,123.9 crore in the same quarter a year ago. The company's board of directors has approved an investment of Rs 600 crore in wholly-owned subsidiary companies.

EBITDA increased from Rs 538.509 crores to Rs 613.937 crores, showing a jump of 14.01%. Similarly, EBITDA margin increased from 15.13% to 16.76%. Profit after tax (PAT) also increased significantly, from Rs 320.121 crores to Rs 375.659 crores or 17.35%. Additionally, PAT margin increased from 9.00% to 10.25%.

The company has generated 3.3GW in H1FY2024-25 as against 4.8GW in FY2023-24. The company's order book stands at a staggering 20GW as of 30 September 2024. The board of directors has approved an investment of up to Rs 600 crore for setting up and building infrastructure (including land and connectivity) for developing renewable energy projects and seeding pipelines.

About Waaree Energies Company

Waaree Energies Limited (WAAREE), founded in 1990, is an Indian renewable energy company. The company is headquartered in Mumbai and maintains production facilities for solar PV modules with an installed capacity of around 13.3GW, including 1.3GW from Indosolar. Waaree, which operates in India and over 25 other countries, offers a variety of solar solutions such as panel manufacturing, EPC services, project development, and rooftop systems. The company provides state-of-the-art cost-effective energy solutions.