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Waaree Energies, a renewable energy company, will set up an integrated lithium-ion battery gigafactory in Andhra Pradesh at an outlay of over Rs 8,000 crore. The project will come up at Rambilli in Anakapalli district and is expected to generate around 3,000 direct jobs, said an official release on Thursday. "Waaree Energies will establish India's largest integrated lithium-ion battery gigafactory in Andhra Pradesh. The project will come up at Rambilli in Anakapalli district with an investment of Rs 8,175 crore," said the release. With a capacity of 16 GWh, the greenfield facility will cover the complete battery value chain, including cell manufacturing, battery packs and large-scale Battery Energy Storage Systems (BESS). The project has received in-principle approval from the Andhra Pradesh State Investment Promotion Board, chaired by Chief Minister N Chandrababu Naidu. Andhra Pradesh Human Resources Minister Nara Lokesh said the project marks a significant milestone in Andhra ..
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
Waaree Renewable Technologies Ltd (WRTL) net profit more than doubled to Rs 120.19 crore in December quarter compared to a year ago mainly on the back of higher revenues. The company had a net profit of Rs 53.48 crore in the quarter ended on December 31, 2024, a statement said. "PAT stood at Rs 120.19 crore as compared to Rs 53.48 crore in Q3FY25 representing a growth of 124.74 per cent YoY," it said. According to the statement, revenue in the quarter stood at Rs 851.06 crore representing a growth of 136.18 per cent YoY (year on year) as compared to Rs 360.35 crores in Q3FY25. Its unexecuted order book stands at 2.92 GWp to be executed between 12-15 months and the bidding pipeline remains robust at 29 GWp. The board has approved the capex budget for setting up of 120 MWp Solar Power Park in Buldhana, Maharashtra. "Looking ahead, we will continue to strengthen capabilities, invest in innovation, and expand partnerships to capture emerging opportunities in the renewable ecosystem,
Investment firm Niveshaay on Tuesday said it has led a Rs 325 crore funding round in Waaree Energy Storage Systems to expand the Waaree Group's battery arm. The fund will be used to enhance cell and pack manufacturing capacity, strengthen engineering and validation capabilities, and scale containerised Battery Energy Storage Systems (BESS) across India and select global markets. Niveshaay said it has cumulatively invested Rs 128 crore in the round through its Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched one of India's first dedicated Collective Investment Vehicles (CIVs,) Niveshaay WESS Fund. Other co-investors in the round include Vivek Jain (Managing Director, Action Tesa and GrowthSphere) and Saket Agarwal (former Director, Apollo Pipes Ltd and Apollo Tricoat), among others, Niveshaay, the SEBI-registered investment advisory and boutique asset management firm said. "Battery storage will play a key role in India's clean energ