Waaree Renewable Technologies, the solar EPC arm of Waaree Group, has reported FY 2023-24 revenue of INR 876.44 crore ($105 million), 149.73% up year-on-year (YoY). The company’s profit after tax (net profit) grew 167.55% YoY to INR 148.04 crore.
In FY 2024, the company executed 704 MWp of projects. The unexecuted orderbook stands at 2,365 MWp, which is to be executed in the next 18 months.
Revenue for Q4 FY24 stood at INR 273.25 crore, representing a growth of 344.40% YoY as compared to INR 61.49 crore in Q4 FY23. PAT for Q4 FY24 stood at INR 54.18 crore, a 341.41% growth YoY.
Key EPC orders won in Q4 FY 2024 include ground-mounted solar power projects of 980 MWp, 450 MWp, 412 MWp, and 4 MWp capacities.
The company is evaluating opportunities in both international and domestic markets to secure more EPC contracts and also evaluating third-party operation and maintenance (O&M) opportunities in international and domestic markets through both organic and inorganic methods. It is also exploring new business opportunities in green hydrogen. It is setting up a 1 MW green hydrogen plant integrated with ecosystem. It is open to collaborating with companies within the hydrogen value chain to establish an electrolyser gigafactory and explore opportunities for a hydrogen valley in India.
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