Waaree Renewable Technologies share price declines nearly 7% as profit dips 17% to ₹53.50 crore

Waaree Renewable Technologies shares declined nearly 7% on Thursday as the solar EPC solutions provider posted a 16.73% decline in consolidated profit after tax (PAT) to ₹53.50 crore. A year back, the post-tax profit was ₹64.25 crore.

The BSE-listed stock is trading at ₹1,066.35 apiece, reflecting a decline of 6.95%.

Revenue from operations rose 11.15% to ₹360.34 crore in the third quarter of the financial year 2024-25, compared to ₹324.19 crore in the year-ago period.

The company also announced an interim dividend of ₹1 per equity share of ₹2 each.

"The interim dividend is payable to those members whose names appear in the Register of Members of the Company or, will appear as beneficial owners as per particulars furnished by the Depositories at the close of the business on 24th January 2025, being the 'record date' to ascertain the eligibility of members to receive the said interim dividend," the Waaree Group firm said in an exchange filing.

How did Waaree Renewable Technologies perform in Q2 FY25?

In Q2 FY25, the company reported a revenue from operations of ₹524.47 crore, reflecting a ₹249.5% increase from ₹150.06 crore in the year-ago period.

Profit after tax (PAT) surged 160.52% to ₹53.52 crore in the second quarter of FY25, compared to ₹20.54 crore in the corresponding period last fiscal year.

Earnings before interest, taxes, depreciation, and amortisation rose 133.27% to ₹71.57 crore in the three months ended September 2024 against ₹30.68 crore in Q2 FY24.

Revenue for the first half of FY25 stood at ₹760.82 crore as against ₹279 crore in the same period previous fiscal, representing 172.70% growth YoY.

The company's engineering, procurement and commissioning segment delivered achieved customer billing of ₹583.36 crore for a volume of 528.56 MWp, compared to ₹141.09 crore for a volume of 169.59 MWp.