Record growth: Waaree Energies' Q3 Net profit multifold increases to Rs 5,068 crore

Waaree Energies on Thursday reported a multifold rise in consolidated net profit to Rs 5,068.76 crore for the December 2024 quarter, helped by higher income. It had posted a Rs 1,408.05 crore net profit in the year-ago quarter, the company said in an exchange filing.

The company's total income rose to Rs 35,452.65 crore from Rs 16,517.74 crore in the October-December period of 2023-24. Its expenses stood at Rs 28,554.53 crore against Rs 15,173.08 crore a year ago. In a media statement, the company's Whole Time Director and CEO Amit Paithankar said, "Our solar business continues to be strong, and we are rapidly advancing in the adjacencies of energy storage systems, green hydrogen, inverters and renewable infrastructure".

The momentum in this space is stronger than ever, and the company is well-positioned to capitalise on it, the statement said. The US contributed 15-20 per cent of the company's revenue mix, Paithankar said. In January, the company, through its US-based subsidiary Waaree Solar Americas Inc, started commercial production of a 1.6 GW Solar Module line at Brookshire in Texas.

During the quarter, the board of the company approved a capital expenditure amounting to Rs 2073 crores and an investment of Rs. 650 crores for setting up a 3.5 GWh (gigawatt hour) lithium-ion advanced chemistry storage cell manufacturing plant. Waaree Energies is one of India's major players in the solar energy industry.