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Waaree Energies posted a strong performance in the December quarter, with consolidated net profit rising to INR 1,106.79 crore, more than double the year-ago level. Total income nearly doubled to INR 7,761.23 crore, driven mainly by higher revenues from solar module manufacturing and EPC contracts. The company expanded its manufacturing capacity in Gujarat, secured fresh orders that lifted its order book to INR 60,000 crore, and raised funds for a lithium-ion battery project, supporting long-term growth visibility.
Waaree Energies reported a sharp rise in its consolidated net profit for the December quarter, supported by strong growth in its solar module manufacturing and engineering, procurement and construction (EPC) businesses. The company said its net profit rose to INR 1,106.79 crore during the quarter, more than double the INR 506.88 crore recorded in the corresponding period of the previous financial year. Advertisement
According to a regulatory filing made past week, the company's total income for the quarter stood at INR 7,761.23 crore, almost twice the INR 3,545.27 crore posted in the same period a year ago. The growth was largely driven by higher volumes and improved execution across its core business segments.
Segment-wise data showed that revenue from the solar photovoltaic module business rose to INR 6,989.56 crore, compared with INR 3,109.29 crore in the year-ago quarter. The EPC segment also saw a strong jump, with revenues increasing to INR 838.21 crore from INR 351.16 crore reported earlier.
The company's outgoing chief executive officer, Amit Paithankar, said the performance reflected Waaree's expanding manufacturing scale and execution capabilities. He added that Waaree had become the first domestic manufacturer to achieve production and sales of over 1 GW of modules in a single month, with an output rate of around 52 modules per minute.
He further noted that the company had secured a record order inflow during the quarter, taking its total order book to about INR 60,000 crore. According to the company, these orders include bankable power purchase agreements backed by land availability and grid connectivity, providing visibility for future revenue.
During the quarter, Waaree commissioned additional solar module manufacturing capacity, including a 2.1 GW facility at Chikhli and a 3 GW facility at Samakhiali in Gujarat. The company also raised INR 1,003 crore to support the development of a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility, marking its expansion into energy storage solutions. Waaree has been steadily increasing capacity over recent years as part of India's broader push to strengthen domestic solar manufacturing.
Source PTI
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