Waaree Renewable Technologies, an arm of Waaree Energies Ltd, has reported a net profit (profit after tax) of INR 24.97 crore for the quarter ended December 31, 2022, 11,250% up from INR 0.22 crore for the same period in the previous year. Quarterly revenue increased by 63% up to INR 73.88 crore.
PAT for the nine months ended Dec. 31, 2022 (9M FY 2023) was INR 43.06 crore, 1,950% up from INR 2.1 crore in 9M FY 2022. 9M FY 2023 revenue totalled INR 289.47 crore.
Waaree Renewable Technologies has end-to-end solar capabilities, including design & manufacturing of modules, and installation and commissioning of PV projects. It reported unexecuted order book of 625 MW as of January 2023.
The company is also exploring opportunities in green hydrogen and is already in process to set up a 1 MW green hydrogen plant integrated with ecosystem. It is looking to collaborate and invest with technology partners and other hydrogen value chain stakeholders for an electrolyzer gigafactory and explore opportunities for a hydrogen valley in India.
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