Waaree Renewables Technology Q4 net profit grows to Rs 12.3 crore

Waaree Renewables Technology Ltd (WRTL) on Monday posted an 81 per cent jump in consolidated net profit to Rs 12.3 crore in the March 2023 quarter.

The company had registered a net profit of Rs 6.8 crore during the January-March quarter of 2021-22, the company said in a press release.

However, its revenue declined to Rs 61.5 crore from Rs 76.7 crore in the year-ago quarter.

The board of directors have declared a dividend of Re 1 per equity share having a face value of Rs 10 each for the year ended March 2023.

As of date, the company said its unexecuted order book is 817 MW. The projects are to be executed over the next 12-15 months.

Waaree Renewables has won a contract to set up a 1 MW Green Hydrogen plant integrated with the ecosystem on a build, own and operate basis.

Hitesh Mehta, Executive Director and CFO, WRTL said: "We have a very strong balance sheet with net cash and a disciplined working capital cycle. We are determined to execute profitable projects with higher returns".

"We are pleased to inform you all, the board of directors have recommended a dividend of Re 1 for the face value of share of Rs 10 each. We will conserve the cash for growth investments and the strong momentum in the coming years as we are confident of strong growth in the years to come."

WRTL is a subsidiary company of Waaree Group, which has successfully installed over 10,000 solar projects.