Waaree Energies Ltd on January 30 reported a four-fold jump in net profit at Rs 492.7 crore in the quarter ended December 31 of the current financial year, compared to Rs 124.5 crore in the same period of the previous financial year, the company said in an exchange filing.
The company’s net profit stood at Rs 361.6 crore in the September quarter, the filing showed.
The firm’s revenue jumped over 116 percent to Rs 3,457.28 crore in the reported quarter over Rs 1,596.183 crore in the year-ago period. The revenue was at Rs 3,574.377 crore in the September quarter, the company filing said.
The stock of the company closed 0.91 percent higher at Rs 2,227.65 on NSE on January 30.
“As an energy transition company, we see immense opportunities and are well positioned to tap into new business areas. Our solar business continues to be strong and we are rapidly advancing in the adjacencies of energy storage systems, green hydrogen, inverters and renewable infrastructure," said Amit Paithankar, whole-time director and CEO, Waaree Energies.
"The momentum in this space is stronger than ever, and we are well-positioned to capitalize on it. We continue to build on our strengths, enhancing scalability and internal efficiencies, which has clearly reflected in our 9M FY25 performance. Strong execution and disciplined growth remain at the core of our strategy," he added.
The company statement also highlighted that its orderbook stood at 26.5 GW and was valued at approximately Rs 50,000 crore as on date. It also said that the trial production has commenced at 5.4 GW solar cell manufacturing facility and the firm has started commercial production of 1.6 GW solar module line in the US.
"The US contributed ~15-20 percent of our revenue mix. As we expand globally, we are strengthening our presence in high-potential regions, ensuring that we stay ahead of the curve in this fast-evolving industry. We are excited about the road ahead and remain committed to driving meaningful change in the energy landscape," said Paithankar.
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