Waaree Renewable sizzles after Q2 outcome

Waaree Renewable Technologies hit an upper limit of 5% at Rs 1734.75 after the company announced strong Q2 September 2024 results.

On a consolidated basis, net profit of Waaree Renewable Technologies surged 160.52% to Rs 53.52 crore on 250% increase in net sales to Rs 524.47 crore in Q2 September 2024 over Q2 September 2023.

Profit before tax stood at Rs 69.30 crore in the Q2FY25, up 151.55% YoY and up 76.45% QoQ. EBITDA was at Rs 71.57 crore in the Q2FY25, up 133.27% YoY and up 74.22% QoQ. EBITDA margin stood at 13.65% in Q2FY25, lower than 17.38% in Q1FY25 and 20.44% in Q2Y24.

Total expenses rose 271.3% to Rs 452.90 crore in Q2 FY25 over Q2 FY24. During the quarter, cost of EPC contract stood at Rs 442.47 crore (up 287.62% YoY) while employee benefits expense was at Rs 7.54 crore (up 72.54% YoY).

Net cash flow from operating activities improved to Rs 84.90 crore in Q2FY25 from a cash flow of Rs 53.38 crore in Q2FY24.

The company's unexecuted order book stands at 1.7 GWp to be executed between 09-12 months. Bidding pipeline remains robust at 17.8 GWp.

Waaree Renewable Technologies, a subsidiary of Waaree Group, is a leading solar EPC company based in Mumbai. In addition to EPC services, they also develop, finance, construct, own, and operate solar projects, focusing on commercial and industrial customers.

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