Mumbai, January 30, 2025
Waaree Energies Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2024. The company reported a sharp rise in revenue and profitability, backed by robust operational performance and strategic acquisitions.Key Financial Highlights (Consolidated)
(All figures in ₹ million unless otherwise stated)| Particulars | Q3 FY25 | Q2 FY25 | Q3 FY24 | 9M FY25 | 9M FY24 | FY24 (Audited) |
|---|---|---|---|---|---|---|
| Revenue from Operations | 34,572.88 | 35,743.77 | 15,961.83 | 104,405.66 | 84,617.77 | 113,976.09 |
| Other Income | 879.77 | 890.86 | 555.91 | 2,645.75 | 1,635.47 | 2,351.54 |
| Total Revenue | 35,452.65 | 36,634.63 | 16,517.74 | 107,051.41 | 86,253.19 | 116,327.63 |
| EBITDA | 8,296.59 | 6,881.05 | 2,671.23 | 20,635.51 | 13,196.29 | 18,095.77 |
| Profit Before Tax (PBT) | 6,898.12 | 4,988.37 | 1,835.75 | 17,191.78 | 10,755.79 | 17,342.01 |
| Net Profit (PAT) | 5,063.76 | 3,756.59 | 1,408.06 | 12,836.60 | 7,992.00 | 12,743.77 |
| Earnings per Share (₹) | 18.41 | 13.75 | 4.93 | 46.64 | 30.69 | 48.05 |
Standalone Performance Highlights
- Standalone revenue for Q3 FY25 stood at ₹30,824.62 million, reflecting a 117% YoY increase.
- Standalone PAT increased to ₹4,713.92 million, compared to ₹831.74 million in Q3 FY24.
- Standalone EPS for the quarter stood at ₹17.61.
Operational & Strategic Developments
- Successful IPO Listing:
- The company completed its ₹43,241.40 million IPO on October 28, 2024.
- The IPO proceeds are being utilized for solar manufacturing expansion in Odisha and general corporate purposes.
- Acquisition of Enel Green Power India Pvt Ltd:
- On January 10, 2025, Waaree acquired Enel Green Power India for ₹7,920.00 million.
- This strategic move strengthens Waaree’s renewable energy portfolio, adding solar and wind assets.
- Improved Operational Efficiency:
- Manufacturing expansion in Odisha is on track, expected to increase solar module production capacity significantly.
- Cost of materials decreased YoY, improving gross margins.
Management Commentary
Rajesh Ghanshyam Gaur, Company Secretary & Compliance Officer, stated:"The Q3 performance showcases our sustained growth momentum, supported by strong operational execution and strategic investments. The successful completion of our IPO and the acquisition of Enel Green Power India further solidifies our position as a key player in India's renewable energy market. With the increasing demand for solar solutions, we are well-positioned to capitalize on future opportunities."
Outlook
- Waaree expects continued revenue growth in Q4 FY25, driven by higher solar module sales and new renewable energy projects.
- The Odisha manufacturing plant is set to commence production by FY26, increasing output capacity.
- The company remains focused on sustainability, with investments in solar storage solutions and grid integration technologies.
Stock Market Reaction
- Waaree Energies’ stock price is expected to reflect positive investor sentiment following the strong Q3 performance and recent acquisition.
- Investors will closely watch Q4 guidance and post-acquisition synergies.