Waaree Renewables Doubles Q4 Net Profit; FY23 Net Profit Fivefold

Waaree Renewables Technology Ltd (WRTL) has announced its financial results for the last quarter and full year FY-2023. The company declared a consolidated net profit of Rs 12.3 crore in the March 2023 quarter marking an 81% increase year-on-year.

Waaree also reported a revenue of Rs 351 crore in the full financial year 2023, which is a 117% increment year-on-year. Net profit in the last financial year swelled to Rs 55.3 crore, marking an increase of 522%.

Waaree Renewables Technology is the solar EPC subsidiary of Waaree Group. In the January-March quarter of FY 2021-22, Waree reported a net profit of Rs 6.8 crore.

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The Board of Directors, Waaree Renewables, announced a dividend of Rs 1 per equity share having a face value of Rs 10 each for the year ended March 2023.

Waaree said that at present, it has an unexecuted order book of 817 MW, and the renewable energy projects will be executed in the coming 12-15 months period. In the previous financial year, the firm executed more than 295 MW of EPC projects.

Hitesh Mehta, Executive Director, and CFO, WRTL, held, “We have a very strong balance sheet with net cash and a disciplined working capital cycle. We are determined to execute profitable projects with higher returns”.

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“We are pleased to inform you all the board of directors have recommended a dividend of Re 1 for the face value of a share of Rs 10 each. We will conserve the cash for growth investments and the strong momentum in the coming years as we are confident of strong growth in the years to come.”

WRTL claims to have installed more than 10,000 solar projects. It recently secured an order to set up a 1 MW Green Hydrogen plant on a BOD basis. It also received a Letter of Award (LOA) from the energy arm of one of India’s leading conglomerates in the steel, power, and infrastructure sector for EPC services in respect of setting up of a solar power project of 6.5 MWp capacity.