Waaree Renewable Technologies Doubles Profit: A New Era in Sustainable Energy
Waaree Renewable Technologies saw its net profit more than double in the September quarter, reaching Rs 116.34 crore. This financial success was supported by increased revenues, growing by 47.73% to Rs 774.78 crore. The company is expanding into new energy verticals, indicating bullish sectoral conditions.
- Country:
- India
In a remarkable financial upswing, Waaree Renewable Technologies' consolidated net profit for the September quarter soared past expectations, more than doubling to Rs 116.34 crore. The substantial profit margin is attributed to heightened revenues, which rose by 47.73%, culminating in a revenue of Rs 774.78 crore.
The company attributes this extraordinary performance to meticulous execution and strong market conditions. They reported robust advancement into innovative energy sectors such as Battery Energy Storage Systems and data centers. As evidence of this momentum, the unexecuted order book peaked at 3.48 GWp, anticipated to be fulfilled within 12-15 months, with an expansive bidding pipeline of over 27 GWp.
Looking forward, the company is set to bolster its portfolio with newly approved capital expenditure for solar power projects. The board has sanctioned capex for establishing 28 MWp IPP solar facilities in Maharashtra and an additional 37.5 MWp project in Bikaner, Rajasthan. As a subsidiary of Waaree Energies Ltd, the company continues to pioneer sustainable energy initiatives across India.
(With inputs from agencies.)
Google News