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Waaree Energies announced exceptionally strong financial results for the third quarter (Q3) of fiscal year 2024-25 (FY25), showcasing a remarkable surge in profitability and substantial growth across various key performance indicators. The company's profit after tax (PAT) for Q3 FY25 reached Rs. 506.88 crore, representing a staggering 259.98% increase compared to the same period in FY24. This impressive growth underscores Waaree Energies' robust financial health and its strategic success in navigating the competitive landscape of the solar energy sector. The consistent upward trend is further evidenced by the nine-month PAT, which reached Rs. 1,283.66 crore, a notable 60.62% increase year-on-year. This sustained performance reflects the company’s commitment to operational excellence and efficient resource management. The significant expansion in PAT is not merely a result of increased revenue, but also reflects improvements in operational efficiency, as evidenced by the improved PAT margin. The PAT margin climbed to 14.30% in Q3 FY25 from 8.52% in Q3 FY24, a testament to the company's ability to translate revenue growth into higher profitability. This improvement is not isolated to the quarter; for the nine-month period ending FY25, the PAT margin stood at 11.99%, significantly higher than the 9.27% recorded in the same period of FY24.
Beyond the impressive PAT figures, Waaree Energies demonstrated robust overall revenue growth. Total income for Q3 FY25 reached Rs. 3,545.27 crore, marking a substantial 114.63% increase compared to Q3 FY24. Similarly, the total income for the nine months ending FY25 reached Rs. 10,705.14 crore, a 24.11% increase year-on-year. This substantial revenue growth is a reflection of increased market demand for solar energy solutions, Waaree Energies' successful market penetration strategies, and its ability to capitalize on emerging opportunities within the renewable energy sector. The strong revenue performance was complemented by a significant improvement in Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA). The EBITDA for Q3 FY25 reached Rs. 809.71 crore, a remarkable 256.97% increase from Q3 FY24. The corresponding nine-month EBITDA reached Rs. 2,063.63 crore, demonstrating a 56.38% year-on-year growth. The consistent upward trajectory in EBITDA is a clear indicator of the company's strong operational performance and its capacity to generate cash flow from its operations. The EBITDA margin also improved significantly, reaching 22.84% in Q3 FY25 and 19.28% for the nine months ending FY25, showcasing enhanced profitability and efficiency.
The remarkable financial results are further strengthened by Waaree Energies' significant expansion plans and substantial investments in capacity building. The company currently boasts an impressive order book of 26.5 GW, valued at approximately Rs. 50,000 crore. This sizeable order book underscores the strong market demand for Waaree Energies' products and services and provides a strong foundation for future growth. To meet the growing demand, Waaree Energies has made significant strides in expanding its manufacturing capabilities. The company has initiated trial production at its 5.4 GW solar cell manufacturing facility and commenced commercial production at its 1.6 GW solar module line in the USA. These investments showcase the company's commitment to expanding its production capacity to meet the burgeoning demand for solar energy solutions both domestically and internationally. Furthermore, Waaree Energies has announced significant capital expenditures and investments in new technologies. The company plans to invest Rs. 751 crores (Rs. 551 crore CAPEX + Rs. 200 crore investment) in setting up a 300 MW Electrolyser manufacturing plant, Rs. 2,723 crores (Rs. 2,073 crore CAPEX + Rs. 650 crore investment) for establishing a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant, and Rs. 130 crores in its Inverter Business. These investments demonstrate Waaree Energies' strategic vision to diversify its product portfolio and expand its presence in the broader renewable energy value chain. The strategic investments in electrolyzer and energy storage technologies position Waaree Energies to benefit from the growing demand for green hydrogen and energy storage solutions, further solidifying its leadership position in the renewable energy sector.