Greeting of the Day!
I am pleased to welcome you today on behalf of Board of Directors of your Company WaaSolar Limited. It gives me immense pleasure to share with you our performance for the yearand perspectives on the way forward. FY 2018-19 has been another strong year for WSL.Standalone turnover of your company ended at INR 2902.53 Lakhs up by 7.59% from lastyear. PAT grew to INR 528.98 Lakhs up by 92.02% from last year. While Consolidatedturnover of your company ended at INR 8567.71 Lakhs up by 58.78% from last year. PAT grewto INR 418.40 Lakhs up by 12.67% from last year.
In India a total of 8.53 GW of Renewable Energy capacity was added during the year2018-19 (FY19) taking cumulative installed renewable energy capacity to 78.31 GW as on31st March 2019 that comprises 35.63 GW from Wind Power 28.18 GW from Solar Power 9.91GW from Bio Power and 4.59 GW from small hydro power as specify in report of MNRE.
Financial Year 2018-19 turned out to be a forgettable year with fresh capacityadditions tottering to a paltry 6529 MW as against 9010 MW in the previous yearaccording to data supplied by the Central Electricity Authority. The country today has30.6 GW of solar power capacity which splits as 26.7 GW of large utility-scale plantsand 3.9 GW of rooftop plants according to the Cleveland US-based Institute of EnergyEconomics and Financial Analysis (IEEFA). With just three years to go to meet target of100 GW India would have to add 23 GW of capacity each year to 2022.
As all of you know that our country is going through transitional phase wherein so manytransformational changes like demonetization implementation of GST and other reforms havebeen undertaken by the Government in sequential manner. As a result some aftershocks havebeen felt and the same time so many disruptive technologies have also emerged accordinglyenterprises are trying to adjust with the same and many of them are struggling also andthere was lack of clarity on the classification of Solar Modules Inverters and EPCContracts for the purpose of GST. We are pleased to inform you that Company has been ableto successfully face the challenges appropriately and register respectable growth.
Your Company's vision is to ensure that generate more and more electricity with use ofrenewable energy i.e. solar energy and provide its contribution to achieve government goalto provide electricity to each and every village and to achieve sustainable growth anddevelopment without harming to Mother Earth.
I take this opportunity to thank the talented & devoted team of WSL for theirconsistent efforts and commitment. I also congratulate and thank each and everystakeholder of the Company for reposing their faith and confidence in us which enabled usto take the Company onto the next growth phase. Together we would continue to focus oncreating value for all of us and for the nations.
Amit Ashok Khurana