Waaree Energies announced a 17% increase in consolidated net profit for the July-September quarter, reaching ₹375.6 crore compared to ₹320.1 crore in the same period last year. Waaree Energies reported a profit of ₹320.1 crore for the July-September quarter of the 2023-24 fiscal, according to its regulatory filing. This marks the company’s first quarterly result since its stock market debut on October 28, where it was listed at ₹2,550, a significant 69.66% premium over its issue price of ₹1,503.
The company’s total income for the quarter rose to ₹3,663.4 crore, compared to ₹3,558.5 crore in the same period last year. Meanwhile, expenses stood at ₹3,164.6 crore, up slightly from ₹3,123.9 crore in the corresponding quarter of the previous fiscal.
Waaree’s board has approved an investment of up to ₹600 crore in its wholly-owned subsidiaries for infrastructure development, including land acquisition and connectivity, to support renewable power projects and pipeline development. Additionally, the board explored plans to enter the manufacturing of electrolysers for green hydrogen and advanced lithium-ion storage cells, along with energy storage systems. A detailed roadmap and investment plan for these projects are expected within two months.
Waaree Energies is a prominent player in India’s renewable energy sector, specializing in the manufacturing of photovoltaic (PV) modules. With an impressive aggregate installed capacity of 12 GW as of June 2023, the company caters to both domestic and international markets. Waaree operates five advanced manufacturing facilities across Gujarat and Uttar Pradesh, ensuring high-quality production standards.
In addition to its core focus on solar modules, the company is actively expanding its footprint in renewable energy by investing in infrastructure for power projects and exploring ventures into green hydrogen electrolysers and advanced energy storage solutions. Known for innovation and sustainability, Waaree Energies is driving India’s transition to clean energy and reinforcing its leadership in the solar industry.
