Waaree Group’s Listed Firm WRTL Income Jumps 3.5x in H1 FY23

Highlights :

  • The firm has benefited from the strong revival of the corporate PPA market, as also the parent firm’s renewed focus on Solar EPC.
Waaree Group’s Listed Firm WRTL Income Jumps 3.5x in H1 FY23

Waaree Renewable Technologies Limited (WRTL) the listed EPC focused arm of India’s largest module manufacturing group, Waaree Energies, has released its results for Q2 FY23. The company has reported total income of Rs. 120.99 crores during the period ended September 30, 2022 as compared to Rs. 95.62 crores during the period ended June 30, 2022, a 26% jump quarter on quarter. The firm was earlier called Sangam Renewables Limited. Parent Waaree Energies had recently announced shelving of its own IPO plans and opted to raise fresh investment from private sector investors.

Net profit during the quarter came in at Rs. 8.08 crores versus Rs. 9.98 crores for the period ended June 30, 2022 for WRTL.

Strong YoY Growth Recorded

With the renewed focus on growth at the firm, on a Year on year basis, it grew almost 550% when compared to the September quarter of FY 22. Similarly, H1 (first half of the year) figures also compare very favourably to H1 of Fy22.

Financials Half Year Ended FY2023 Half Year Ended FY2022 % Change
Total Income 216.61 47.20 Up Tick / Down Tick358.87%
Net Profit 18.07 1.93 Up Tick / Down Tick833.36%

Amounts in Rs Cr

Speaking on the performance, Hitesh Mehta, CFO, Waaree Group said, “We are very pleased to leverage the tremendous opportunity from growing energy demand in India and several positive policy initiatives by the GOI for the solar energy sector. This reflects in our strong growth in this quarter which portrays our focused approach to operational efficiencies and profitability. We aim to position us one of the leading solar EPC players in the space. We want to be instrumental in adhering to the ESG Compliance and aim to achieve net zero vision for India.”

The stock has risen sharply this year, trading shy of Rs 500 currently.

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