Waaree Energies Q3 results: Net profit more than doubles to ₹1,106 crore

Waaree Energies' consolidated net profit has more than doubled to Rs 1,106.79 crore in the December quarter, driven by increased revenues from solar modules and EPC businesses.

In an exchange filing, the company said its net profit was at Rs 506.88 crore in the October-December period of the preceding 2024-25 fiscal.

Waaree Energies has reported total income of Rs 7,761.23 crore in the third quarter, nearly double of Rs 3,545.27 crore in the same period a year ago, the filing showed on Wednesday.

Sharing segment-wise numbers, the company said it earned a revenue of Rs 6,989.56 from the solar photovoltaic module business, as against Rs 3,109.29 crore a year ago.

Revenues from engineering, procurement, and construction (EPC) contracts also surged to Rs 838.21 crore, from Rs 351.16 crore in Q3 FY25.

In a statement, the company's outgoing CEO, Amit Paithankar, said Waaree is the first domestic market manufacturer to achieve 1 GW+ of module production and sales in a single month, with 52 modules produced per minute.

"We have secured a record order inflow, strengthening our order book of Rs 60,000 crore, ensuring sustained visibility for the years ahead. We have secured bankable PPAs (power purchase agreements) backed by land and connectivity," he said.

During the quarter, the company commissioned an additional 2.1 GW solar module manufacturing facility at Chikhli and a 3 GW facility at Samakhiali in Gujarat.

The company also raised Rs 1,003 crore towards establishing a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility.