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Waaree Renewable Technologies has reported an over two-fold jump in consolidated net profit at ₹18.29 crore for the July-September quarter of the current financial year.
The company’s consolidated revenue from operations rose 24.5 per cent y-o-y to ₹150.06 crore. Its unexecuted order book stands at more than 897 megawatts (MW) as of September 30, 2023
The Solar EPC and independent power producer (IPP) is a subsidiary of the Waaree Group, which finances, constructs, owns and operates solar projects.
New capacity addition
Waaree Renewable Technologies CFO Dilip Panjwani said India’s renewable energy sector is experiencing unparalleled growth, with new capacity additions expected to double by 2026, thanks to increased government support and improved financial viability, making it an appealing prospect for investors.
The company is adding IPP solutions to meet the demand for renewable power sources. With a promising long-term outlook driven by the global emphasis on clean energy and substantial solar capacity expansion by IPPs worldwide, the company is well-poised to seize this opportunity, he added.
“We’re delighted to report a robust order book and a strong bidding pipeline, instilling confidence that we will meet the expectations of all our stakeholders. Our strong financial footing, characterised by a healthy balance sheet, net cash reserves, and a disciplined working capital cycle, empowers us to execute profitable projects with higher returns,”Panjwani said.
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