Waaree Energies reports a 296% increase in net profit to ₹493 crore for Q3, with revenue surging by 116%. The company is focusing on solar and green energy sectors for future growth.
Waaree Energies Ltd, a leading player in the solar energy sector and a prominent provider of renewable energy solutions, has reported a remarkable 296% increase in net profit for the quarter ended December 31, 2024. The company’s net profit reached ₹492.7 crore, a significant rise from ₹124.5 crore in the same period of the previous year.
In addition to the impressive profit growth, the company’s revenue surged by over 116%, amounting to ₹3,457.28 crore compared to ₹1,596.18 crore in Q3 of FY24. This revenue growth was slightly down from ₹3,574.38 crore in the September 2024 quarter. Waaree Energies’ performance in Q3 was driven by strong demand in the renewable energy sector, including solar technology and energy infrastructure solutions.
Company’s Expansion Plans and Future Prospects
As an energy transition company, we see immense opportunities and are well-positioned to tap into new business areas. Our solar business continues to be strong, and we are advancing rapidly in adjacent sectors like energy storage systems, green hydrogen, inverters, and renewable infrastructure. The momentum in this space is stronger than ever, and we are focused on enhancing scalability and internal efficiencies.”
Amit Paithankar, the Whole-time Director and CEO of Waaree Energies
Paithankar also highlighted the company’s global expansion, with a presence in the US, where Waaree Energies has commenced trial production at a 5.4 GW solar cell manufacturing facility and started the commercial production of a 1.6 GW solar module line. Approximately 15-20% of the company’s revenue comes from the US market, with continued expansion plans in high-potential regions.
Robust Order Book and Strategic Growth
As of January 2025, Waaree Energies has a robust order book standing at 26.5 GW, valued at approximately ₹50,000 crore. The company’s growth strategy remains rooted in strong execution, disciplined growth, and scaling up internal efficiencies, positioning Waaree Energies for continued success in the global renewable energy market.
Following the release of the Q3 results, the company’s stock closed 0.91% higher at ₹2,227.65 on the National Stock Exchange (NSE) on January 30, 2025.
Waaree Energies continues to drive innovation and growth within the renewable energy sector, playing a crucial role in India’s push toward a sustainable energy future.
