Waaree Renewable Technologies, the solar EPC division of Waaree Group, has announced revenue of Rs 8.76 billion for the fiscal year (FY) 2023-24, marking a year-on-year (YoY) increase of 149.73 per cent. The company’s net profit surged to Rs 1.48 billion, a 167.55 per cent YoY increase.
In the FY 2024, the company completed projects totaling 704 MWp. The outstanding order book amounts to 2,365 MWp, to be executed within the next 18 months. Compared to Rs 0.62 billion in the fourth quarter of FY 2023, revenue amounted to Rs 2.73 billion in the fourth quarter of FY 2024, marking a 344.40 per cent YoY increase. Profit after tax for the fourth quarter of FY 2024 reached Rs 0.54 billion, reflecting a YoY increase of 341.41 per cent.
Significant engineering, procurement, and construction contracts secured in the fourth quarter of FY 2024 comprise ground-mounted solar power projects with capacities of 980 MWp, 450 MWp, 412 MWp, and 4 MWp.
