500% jump in 2 years! This multi-bagger renewable firm has reported over 100% rise in Q2 net profit

Shares of Waaree Renewable Technologies jumped another 8 per cent in Friday’s trade after the company on Thursday post market hours reported 124 per cent growth in consolidated net profit at Rs 18.29 crore for the quarter ended September 30. It had posted a profit of Rs 8.15 crore in the corresponding quarter a year ago. Its revenue from operations increased 24.46 per cent YoY to Rs 150.06 crore during the quarter under review. 

The company has already been buzzing on Dalal Street due to its superlative performance in the past two years. Shares of Waaree Renewable Technologies have surged 517 per cent to Rs 1281.20 on October 26, 2023 from Rs 207.40 on October 26, 2022. 

Commenting on the results Dilip Panjwani, CFO, Waaree Renewable Technologies in a release said that the demand for energy remains robust and this growing demand is planned to be met by environment-friendly renewable energy sources. 

“India’s recent commitment to achieving net zero carbon emissions by 2070 and generating half of its electricity from renewables by 2030 marks a pivotal moment in the global campaign against climate change,” Panjwani said. 

He further said that 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. 

EBITDA for Q2FY24 stood at Rs 28.09 crore against Rs 12.61 crore in Q2FY23, representing a growth of 122.83 per cent YoY. 

As the country works to meet its projected energy demand of 15,820 terawatt-hours by 2040, renewable energy is set to play a crucial role. The country aims to reach 450 gigawatts of installed renewable energy capacity by 2030, with solar contributing over 60 per cent or approximately 280 gigawatts. 

“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. 

The unexecuted order book of the company stood at over 897 MW as of September 30. 

 

 

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