Waaree Energies Q2 FY25 Earnings: Profit Jumps 17%, Announces ₹600 Crore Investments

Waaree Energies reported a 17% rise in consolidated net profit for the July-September quarter, reaching ₹375.6 crore. This is up from ₹320.1 crore in the same period of the previous fiscal year.

Revenue and Expenses

The company’s total income increased to ₹3,663.4 crore compared to ₹3,558.5 crore in Q2 of the previous financial year. Quarterly expenses were ₹3,164.6 crore, slightly higher than the ₹3,123.9 crore reported in the year-ago quarter.

Market Debut

Following its October 28 stock market debut, this marks Waaree Energies’ first quarterly result as a listed company. The stock opened at ₹2,550, a 69.66% jump from its issue price of ₹1,503.

The board approved an investment of up to ₹600 crore in its wholly-owned subsidiaries to develop renewable power project infrastructure, including land and connectivity.

New Ventures

Waaree Energies is exploring 2 new areas:

1. Manufacturing electrolysers for green hydrogen.
2. Producing advanced lithium-ion batteries and energy storage systems.

Detailed plans and investments for these projects will be announced in the next two months.

As a key player in India’s solar energy sector, Waaree Energies focuses on PV module manufacturing with an installed capacity of 12 GW as of June 30, 2023.

Manufacturing Facilities

The company operates 5 factories:

• Gujarat: Surat, Tumb, Nandigram, and Chikhli.
• Uttar Pradesh: IndoSolar Facility in Noida.

About Waaree Energies Limited

Waaree Energies Limited, established in December 1990, is an Indian company that manufactures solar PV modules with a total installed capacity of 12 GW. The company produces solar photovoltaic modules, develops solar projects, and sells electricity. It operates 5 manufacturing facilities in India, covering an area of 143.01 acres. These facilities are located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as at the IndoSolar facility in Noida, Uttar Pradesh.

On November 19, 2024, Waaree Energies share price opened at ₹2,950.00, touching the day’s low of ₹2,916.10 as of 10:04 AM on NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.