Waaree Energies Q1 net profit rises 89% to ₹745 crore, EBITDA jumps 80%

Waaree Energies, the solar module manufacturer, on Monday, July 28, reported net profit of ₹745 crore in the first quarter of current financial year marking an upside of 89% from ₹394 crore in the same period last year.

The solar module maker's revenue from operations in April-June period advanced 30% to ₹4,426 crore from ₹3,409 crore in the year-ago period.

The company reported strong operational performance as its operating profit also known as earnings before interest, taxes, depreciation and amortisation (EBITDA) rose 80% to ₹997 crore and its operating profit margin expanded by 630 basis points to 22.53%.

During the quarter, Waaree Energies has entered into a share purchase agreement with Enel Green Power Development on January 10, 2025 for acquisition of 100% of the share capital of Enel Green Power India Private Limited for a total amount of ₹792 crore.

Waaree Energies, which debuted on the stock market in October 2024, is a leading renewable energy company. It offers solar solutions, including panel manufacturing, EPC services, rooftop systems, and project development.

Waaree Energies: Recent order wins

On July 19, Waaree Energies' wholly-owned subsidiary Waaree Solar Americas secured an order from a US-based client for the supply of 500 MW solar modules. The client is a developer and owner-operator of utility-scale solar as well as energy storage projects across the United States.

On June 27, it received an order from a US-based entity to supply 270 MW solar modules in 2025 and 270 MW solar modules in 2027-28.

Before that, on July 11, the firm said, "Waaree Solar Americas, a wholly owned subsidiary of the Company has received an order on June 11, 2025 for supply of 599 MW solar modules from a renowned customer who is a developer and owner-operator of utility scale solar and energy storage projects across the United States."

Waaree Energies shares ended 2.68% lower at ₹3,110.80 ahead of its earnings announcement.