Waaree Energies Q2 Results: Net profit rises 17% to ₹375.65 crore, revenue up 1%

Waaree Energies Q2 Results: Waaree Energies Limited announced their July to September quarter results on Monday, November 18. The company recorded a 17 per cent rise in net profits to ₹375.65 crore in the second quarter of the financial year 2024-25, compared to ₹320.12 crore in the same quarter the previous year, according to the BSE filing. 

Waaree Energies Ltd shares closed 6.81 per cent higher at ₹3,115.50 after Monday's market session, compared to ₹2,916.90 at the previous market close. The company released its second-quarter results after market operating hours on Monday.

The company's revenue from operations rose 1.04 per cent to ₹3,474.37 crore in the second quarter, compared year-on-year with ₹3,537.29 crore in the previous year.

The renewable energy company's revenue from its main operations, i.e., Solar Photovoltaic Modules, fell nearly 10 per cent to ₹3,053.24 crore in the July to September quarter, compared to ₹3,392.40 crore in the same period a year ago. 

The revenue hike for the quarter was supported by the Engineering, procurement and construction (EPC) contracts segment, which registered a massive 257 per cent growth to ₹516.67 crore in the second quarter, compared to ₹144.58 crore in the same quarter the previous financial year.

The order book for the renewable energy firm stood at 20 gigawatts as of September 30, 2024, showing the customer confidence in the execution capabilities of the company, as per the statement. 

“The Board of Directors have approved an investment up to Rs. 6,000 Mn for setting up and development of infrastructure (including land and connectivity) for the purpose of developing Renewable Power projects and bidding pipeline,” according to the company's official statement. 

Waaree Energies' one-way rally of the shares after its initial public offering (IPO) listing at the end of October sent the company's market capitalisation over the ₹1 lakh crore mark. The IPO made its debut on the domestic stock exchanges on Monday, October 28, at ₹2,550 apiece, a premium of 69.66 per cent over its initial public offer (IPO) price of ₹1,503.