Waaree Energies Reports 17% Increase in Q2 Net Profit to Rs 375.6 Crore and Plans Rs 600 Crore Investment

Waaree Energies announced a 17% increase in consolidated net profit, reaching Rs 375.6 crore for the July-September quarter. This rise was attributed to higher income compared to the Rs 320.1 crore profit recorded in the same period of the previous fiscal year. The company shared these details in a regulatory filing.

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Following its market debut on October 28 at Rs 2,550, Waaree Energies' share price reflected a significant increase of 69.66% from its issue price of Rs 1,503. This marked the company's first quarterly results since its listing.

Financial Performance and Investments

The company's total income for the quarter increased to Rs 3,663.4 crore from Rs 3,558.5 crore in the same quarter last year. Meanwhile, expenses rose to Rs 3,164.6 crore compared to Rs 3,123.9 crore in the previous year.

The board has approved an investment of up to Rs 600 crore in its wholly-owned subsidiaries. This investment is aimed at setting up infrastructure, including land and connectivity, for developing renewable power projects and bidding pipelines.

Future Plans and Expansion

Waaree Energies is considering entering the manufacturing sector for electrolysers used in green hydrogen production. Additionally, they are exploring advanced chemistry storage cells and energy storage system manufacturing plants for lithium-ion technology.

The company plans to release a detailed strategy and investment outline for these two projects within the next two months.

Manufacturing Capabilities

As of June 30, 2023, Waaree Energies is a key player in India's solar energy sector with a total installed PV module manufacturing capacity of 12 GW. The company operates five manufacturing facilities located in Surat, Tumb, Nandigram, and Chikhli in Gujarat, as well as the IndoSolar Facility in Noida, Uttar Pradesh.

These developments highlight Waaree Energies' commitment to expanding its footprint in renewable energy and advancing its technological capabilities in green hydrogen and energy storage solutions.