Solar Module Manufacturer Posts 17 Per Cent PAT Growth
The company reported its consolidated financial results for Q2FY25, marking its first quarterly performance post-listing on October 28.
Waaree Energies Limited reported its consolidated financial results for Q2FY25, marking its first quarterly performance post-listing on October 28.
Financial Performance
The company posted a 17.35 per cent year-on-year growth in net profit at Rs 375.66 crore, compared to Rs 320.12 crore in the same period last year. Revenue from operations rose marginally by 1 per cent to Rs 3,754.38 crore versus Rs 3,537.3 crore. Company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) increased by 1.47 per cent to Rs 524.85 crore from Rs 517.26 crore. Meanwhile the EBITDA margin improved by 10 basis points to 14.7 per cent from 14.6 per cent last year.
Strategic Investments
The board approved an investment of up to Rs 600 crore in wholly-owned subsidiaries for infrastructure development related to renewable power projects and pipeline bidding. Discussions were also held regarding potential entry into the manufacturing of electrolysers for green hydrogen and lithium-ion advanced chemistry storage cells. The company plans to release detailed plans for these initiatives within the next two months.
DSIJ's DSIJ's ‘Mid Bridge’ service recommends well researched Mid-Cap stocks for smart investing. If this interests you, do download the service details here.
About the Company
Incorporated in December 1990, Waaree Energies is India’s largest solar PV module manufacturer with an installed capacity of 12 GW. As of FY24, the company held a 21 per cent share of the domestic solar module market and accounted for 44 per cent of India's solar module exports.
Stock Performance
Market reacted negatively to Q2FY25 results, with Waaree Energies' stock dropping 7.43 per cent in Tuesday’s session. The stock is down 23 per cent from its all-time high of Rs 3,743, recorded on November 6, 2024. Waaree Energies debuted on the market at Rs 2,550, reflecting a 69.66 per cent jump from its issue price of Rs 1,503. The company currently has a market capitalization of Rs 82,823.75 crore.
Disclaimer: This article is for informational purposes only and not investment advice.