The shares of Waaree Energies Limited were trading at ₹2,986 down by ₹128.45 or 4.12 per cent on the NSE today at 11.52 am.
India’s leading solar PV manufacturer Waaree Energies Limited reported a 17.35 per cent year-on-year increase in profit after tax (PAT) to ₹3,756.59 million for the quarter ended September 30, 2024.
The Mumbai-based company saw its EBITDA rise by 14.01 per cent to ₹6,139.37 million, with margins improving to 16.76 per cent from 15.13 per cent in the same quarter last year.
Total income for Q2 FY25 showed modest growth of 2.95 per cent, reaching ₹36,634.63 million compared to ₹35,585.47 million in Q2 FY24. The company’s order book stood at approximately 20GW as of September 30, 2024.
Waaree’s board has approved an investment of up to ₹6,000 million for infrastructure development, including land and connectivity, aimed at developing renewable power projects and strengthening its bidding pipeline.
The company reported production of 3.3GW in the first half of FY25, compared to 4.8GW for the entire FY24. With manufacturing facilities boasting an installed capacity of about 13.3GW for solar PV modules, including 1.3GW from Indosolar, Waaree maintains its position as a significant player in India’s renewable energy sector.
The company currently operates across India and has presence in more than 25 countries worldwide.