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Summary of Latest Earnings Report from WAAREE RENEWABLE Tech

Summary of WAAREE RENEWABLE Tech's latest earnings call, featuring management's outlook on business performance, financial results, and analyst Q&A sessions that highlight key strategic initiatives and market challenges.

Earnings Outlook

Last updated: Jan 25

Management Outlook:
Waaree Renewable Technologies projects continued growth driven by India's aggressive renewable energy targets (500 GW by 2030) and sustained government support. Management emphasized a robust 3.4 GWp order book (as of 9M FY25) and plans to execute 500"“600 MW in Q4 FY25, targeting annual execution capacity of 3"“3.5 GW. Margins are expected to stabilize around 15% despite Q3 FY25 outperformance (19.96% EBITDA margin). The company remains focused on high-margin utility-scale projects for private IPPs while expanding into government tenders.

Key Points:

Financial Performance:
- Revenue for 9M FY25 grew 85.87% YoY to Rs.1,121 Cr, with EBITDA at Rs.184.57 Cr (+39.95% YoY) and PAT at Rs.135.16 Cr (+43.94% YoY).
- Q3 FY25 revenue: Rs.360.35 Cr; PAT: Rs.53.48 Cr.
Sector Growth:
- India added 24.5 GW solar capacity in 2024 (18.5 GW utility-scale, 4.59 GW rooftop). Renewable energy now accounts for 209.44 GW (43% of total power capacity).
Strategic Initiatives:
- Diversification: Entering data center EPC, leveraging synergies in energy demand.
- Order Pipeline: Secured a landmark 2 GW BOS order (execution: 8"“9 months) and targeting hybrid/RTC projects.
Operational Strength:
- Strong liquidity (Rs.220 Cr cash) and low debt (Rs.28 Cr). Prioritizing non-fund limits for guarantees.
- O&M portfolio to expand 2"“3x post-March 2025 with new project commissioning.
Risks & Mitigation:
- Competitive intensity acknowledged but avoided low-margin bids. Focus on execution efficiency and selective order intake.

The company remains optimistic about India's renewable momentum and its ability to capitalize on sectoral tailwinds.

Q&A Session

Last updated: Jan 25

Question 1:
"Just wanted to understand what has been our per megawatt revenue for this quarter and nine months as a whole? And it looks like the margins have come under pressure Y-o-Y this quarter. So your comments on that?"
Answer:
Per megawatt revenue remains INR 1"“1.1 crore, with Q3 EPC revenue at INR 353 crores (319 MW). Margins were 19.96% for Q3 and 16.5% for nine months, aligning with prior guidance of ~15%. Margins reflect disciplined project selection, avoiding unprofitable contracts.

Question 2:
"How are we looking in terms of the cash position? And would we be looking forward to raise any debt for further execution of projects?"
Answer:
Cash position is INR 200"“220 crores, with minimal debt (INR 28 crores). No plans for funded debt; focus is on expanding non-fund limits (currently INR 1,400 crores, 75"“80% utilized) for bank guarantees.

Question 3:
"Are we seeing more traction from PSUs or private players? How do you think about future order pipelines?"
Answer:
Order pipeline leans toward private utility-scale IPPs (historically dominant), though government tenders are being pursued. Current unexecuted order book is 3.4 GW, driven by private projects.

Question 4:
"What are the timelines for completing the pending 3.4 GW order book?"
Answer:
Order execution typically takes 9"“15 months, but new orders extend timelines. The recent 2 GW order (balance-of-system) will take 8"“9 months. Annual execution capacity is 3"“3.5 GW.

Question 5:
"How does bidding for PSU vs. private orders differ? Are margins similar?"
Answer:
PSU bids follow L1/L2 competitive auctions, while private orders are bilateral, emphasizing technical capabilities. Margins are comparable, with a slight bias toward private projects due to scope flexibility.

Question 6:
"What is the rationale for entering data center EPC? How will you address technical prerequisites?"
Answer:
Data center entry leverages synergies (energy-intensive infrastructure + EPC expertise). The Board approved diversification; prerequisites (e.g., certifications, technical capabilities) are being addressed for hyperscale/edge projects.

Question 7:
"Why was Q3 execution lower (319 MW) vs. Q2 (488 MW)? How will margins trend?"
Answer:
Execution varies quarterly due to project-specific timelines. Margins remain guided at ~15% (blended across projects). The 2 GW order (lower per-MW revenue due to excluded modules/land) aligns with scope-adjusted margins.

Question 8:
"What are O&M opportunities? How does the 587 MW O&M portfolio grow?"
Answer:
O&M portfolio (587 MW) will 2"“3x post-March 2025 as new projects go live. India's 92 GW solar fleet offers long-term O&M potential, though competition is rising.

Question 9:
"What is the scope and revenue/margin impact of the 2 GW Jindal Renewables order?"
Answer:
The 2 GW order (balance-of-system) excludes modules/land, with per-MW revenue lower (~INR 60 lakh) vs. turnkey projects. Blended order-book realization remains INR 1"“1.1 crore/MW, with margins intact.

Question 10:
"Are there delays in client projects? What is the macro outlook for solar demand?"
Answer:
No significant client delays. India added 24.5 GW solar (2024), driven by utility-scale (18.5 GW). Government targets (500 GW renewables by 2030) and storage advancements underpin strong sector growth.

Shareholder Name	Holding %
WAAREE ENERGIES LIMITED	74.39%
HITESH P MEHTA	1.06%
HITESH C DOSHI	0%
BINITA H DOSHI	0%
PANKAJ CHIMANLAL DOSHI	0%
NEEPA VIREN DOSHI	0%
BINDIYA KIRIT DOSHI	0%
KIRIT CHIMANLAL DOSHI	0%
PUJAN PANKAJ DOSHI	0%
RUSHABH PANKAJ DOSHI	0%

Income Statement for WAAREE RENEWABLE Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	154%	867	342	154	7.6	1.98	5.03
Other Income	63.4%	7.83	5.18	14	3.69	3.1	0.79
Total Income	152.6%	875	347	168	11	5.08	5.82
Cost of Materials	155.6%	645	253	128	0	0	0
Purchases of stock-in-trade	-	0	0	5.54	4.26	0	0
Employee Expense	82.2%	17	9.78	5.6	0.66	1.03	1.54
Finance costs	1488.9%	3.86	1.18	1.47	3.62	3.38	2.2
Depreciation and Amortization	292.7%	2.58	0.18	0.16	0.16	0.16	0.16
Other expenses	161.7%	6.26	3.01	1.38	0.39	0.9	1
Total Expenses	153.4%	675	267	142	8.63	5.48	4.91
Profit Before exceptional items and Tax	151.9%	200	80	26	2.66	-0.4	0.91
Total profit before tax	151.9%	200	80	26	2.66	-0.4	0.91
Current tax	126.3%	44	20	5.41	0.28	0	0
Deferred tax	729.8%	7.55	-0.04	0.15	0.04	-0.21	0.6
Total tax	163.2%	51	20	5.55	0.32	-0.21	0.6
Total profit (loss) for period	155.2%	149	59	20	2.34	-0.19	0.31
Other comp. income net of taxes	-24.5%	-0.22	0.02	0.06	0.02	0	0.06
Total Comprehensive Income	155.2%	149	59	20	2.36	-0.19	0.37
Earnings Per Share, Basic	182.5%	14.3	5.708	1.96	0.226	-0.018	0.074
Earnings Per Share, Diluted	183.5%	14.29	5.688	1.96	0.226	-0.018	0.074

Description	(%) Q/Q	Dec-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023	Jun-2023
Revenue From Operations	52.8%	360	236	271	322	148	127
Other Income	55.4%	3.86	2.84	2.4	1.64	2	1.79
Total Income	52.5%	364	239	273	324	150	129
Cost of Materials	49.5%	276	185	190	229	117	109
Employee Expense	23.8%	7.92	6.59	4.97	4.81	4.37	3.15
Finance costs	15.8%	3.35	3.03	2.81	-0.69	1.65	0.08
Depreciation and Amortization	15.7%	1.59	1.51	0.84	0.9	0.71	0.13
Other expenses	78.3%	4.53	2.98	2.77	2.09	0.74	0.66
Total Expenses	46.7%	293	200	201	236	124	113
Profit Before exceptional items and Tax	79.5%	71	40	72	88	25	16
Total profit before tax	79.5%	71	40	72	88	25	16
Current tax	66.7%	16	10	17	18	5.82	3.12
Deferred tax	200%	1.02	0.98	1.94	3.85	0.89	0.88
Total tax	60%	17	11	19	22	6.7	4
Total profit (loss) for period	96.3%	54	28	53	66	19	12
Other comp. income net of taxes	6.9%	0.05	-0.02	0.08	-0.09	-0.03	-0.19
Total Comprehensive Income	96.3%	54	28	53	66	19	12
Earnings Per Share, Basic	139.3%	5.14	2.73	5.07	6.302	1.784	1.148
Earnings Per Share, Diluted	140.1%	5.13	2.72	5.06	6.276	1.778	1.144

Consolidated figures (in Rs. Crores) / View Standalone Data

AnnualQuarterly

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022	Mar-2021	Mar-2020	Mar-2019
Revenue From Operations	150%	876	351	162	13	5.66	7.04
Other Income	362.3%	3.45	1.53	8.32	2.44	1.71	0.55
Total Income	150.4%	880	352	170	15	7.37	7.59
Cost of Materials	155.6%	645	253	124	0	0	0
Purchases of stock-in-trade	-	0	0	5.54	4.26	0	0
Employee Expense	82.2%	17	9.78	5.6	0.66	1.03	1.54
Finance costs	34.2%	6.77	5.3	6.94	4.34	3.48	2.15
Depreciation and Amortization	128.7%	5.46	2.95	3.67	1.69	1.11	0.75
Other expenses	74.4%	7.05	4.47	3.04	1.53	4.27	2.32
Total Expenses	148.2%	681	275	149	12	9.89	6.76
Profit Before exceptional items and Tax	159.2%	198	77	21	3.4	-2.52	0.82
Total profit before tax	159.2%	198	77	21	3.4	-2.52	0.82
Current tax	126.3%	44	20	5.17	0.29	0.01	0.06
Deferred tax	2321.7%	6.57	1.23	7.15	5.48	0.65	2.68
Total tax	133.3%	50	22	12	5.77	0.66	2.74
Total profit (loss) for period	172.2%	148	55	8.89	-2.37	-3.18	-1.91
Other comp. income net of taxes	-24.5%	-0.22	0.02	0.06	0.02	0	0.05
Total Comprehensive Income	172.2%	148	55	8.95	-2.35	-3.18	-1.87
Earnings Per Share, Basic	205.6%	14.22	5.326	0.826	-0.226	-0.308	-0.372
Earnings Per Share, Diluted	206.8%	14.21	5.306	0.826	-0.226	-0.308	-0.372

Description	(%) Q/Q	Dec-2024	Jun-2024	Mar-2024	Dec-2023	Sep-2023	Jun-2023
Revenue From Operations	52.8%	360	236	273	324	150	129
Other Income	58%	3.78	2.76	1.34	0.49	0.88	0.75
Total Income	52.5%	364	239	275	325	151	130
Cost of Materials	49.5%	276	185	190	229	117	109
Employee Expense	23.8%	7.92	6.59	4.97	4.81	4.37	3.15
Finance costs	15.8%	3.35	3.03	3.54	0.08	2.43	0.72
Depreciation and Amortization	14.8%	1.62	1.54	1.55	1.67	1.41	0.82
Other expenses	59.4%	4.57	3.24	2.94	2.28	0.86	0.97
Total Expenses	46.7%	293	200	203	238	126	114
Profit Before exceptional items and Tax	84.2%	71	39	72	87	25	15
Total profit before tax	84.2%	71	39	72	87	25	15
Current tax	66.7%	16	10	17	18	5.82	3.12
Deferred tax	400%	1.03	0.99	0.57	4.02	1.01	0.96
Total tax	60%	17	11	17	22	6.83	4.08
Total profit (loss) for period	92.6%	53	28	54	64	18	11
Other comp. income net of taxes	6.9%	0.05	-0.02	0.08	-0.09	-0.03	-0.19
Total Comprehensive Income	96.3%	54	28	54	64	18	11
Earnings Per Share, Basic	140.7%	5.14	2.72	5.2	6.194	1.76	1.068
Earnings Per Share, Diluted	140.9%	5.12	2.71	5.2	6.168	1.754	1.064

Balance Sheet for WAAREE RENEWABLE Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022	Sep-2021
Cash and cash equivalents	31.1%	9.51	7.49	3.02	4.22	13	4.98
Current investments	-	9	0	0	0.02	0.56	0.6
Loans, current	2.3%	46	45	39	38	38	38
Total current financial assets	104.5%	549	269	116	162	125	53
Inventories	0%	29	29	37	8.37	1.69	0.47
Current tax assets	-	-	-	0	-	0	-
Total current assets	90.4%	595	313	165	174	129	54
Property, plant and equipment	3.3%	94	91	9.27	3.09	3.15	3.16
Capital work-in-progress	432.8%	3.03	0.39	80	-	-	-
Non-current investments	0%	0.22	0.22	0.22	0.22	0.22	0.22
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	0%	0.4	0.4	0.28	0.27	0.23	0.23
Total non-current assets	8.7%	101	93	90	3.37	3.39	3.44
Total assets	72%	696	405	254	177	132	57
Borrowings, non-current	-	0	0	0	0	0.09	0
Total non-current financial liabilities	-	0	0	0	0	0.09	0
Provisions, non-current	26.9%	0.62	0.48	0.31	0.27	0.22	0.24
Total non-current liabilities	320.5%	8.78	2.85	0.91	0.9	0.96	0.24
Borrowings, current	80%	10	6	0	0	0	0
Total current financial liabilities	53.5%	311	203	103	59	59	9.27
Provisions, current	16.7%	0.45	0.34	0.1	5.85	0.04	0.08
Current tax liabilities	47.8%	35	24	17	0.05	1.89	0.27
Total current liabilities	63.6%	428	262	142	108	79	15
Total liabilities	65.2%	437	265	143	109	80	15
Equity share capital	0%	21	21	21	21	21	21
Total equity	85.6%	259	140	111	69	52	42
Total equity and liabilities	72%	696	405	254	177	132	57

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Sep-2023	Mar-2023	Sep-2022	Mar-2022	Sep-2021
Cash and cash equivalents	27.4%	9.59	7.74	3.26	4.53	13	5.24
Current investments	-	9	0	0	0.02	0.56	0.6
Loans, current	-	0	0	0	0.97	0.39	0.12
Total current financial assets	124.6%	504	225	79	131	91	14
Inventories	0%	29	29	37	8.37	1.69	0.47
Current tax assets	-	-	-	0	0	-	-
Total current assets	104.9%	550	269	128	139	93	15
Property, plant and equipment	0.7%	153	152	71	66	71	73
Capital work-in-progress	432.8%	3.03	0.39	80	0	-	-
Goodwill	0%	0.01	0.01	0.01	0.01	0.01	0.01
Non-current investments	-	0	0	0	0	0	0
Loans, non-current	-	0	0	0	0	0	0
Total non-current financial assets	60.5%	0.68	0.19	0.06	0.09	0.01	0.01
Total non-current assets	4.5%	164	157	155	70	75	77
Total assets	67.8%	714	426	283	210	168	92
Borrowings, non-current	-7.1%	27	29	30	32	33	36
Total non-current financial liabilities	-7.1%	27	29	30	32	33	36
Provisions, non-current	26.9%	0.62	0.48	0.31	0.27	0.22	0.24
Total non-current liabilities	6.5%	50	47	46	46	47	47
Borrowings, current	48.1%	14	9.78	8.5	8.4	8.85	4.46
Total current financial liabilities	52.4%	315	207	113	68	68	15
Provisions, current	16.7%	0.45	0.34	0.1	0.05	0.04	0.08
Current tax liabilities	47.8%	35	24	17	5.85	1.88	0.28
Total current liabilities	62.6%	432	266	151	117	91	21
Total liabilities	54.2%	482	313	198	163	138	68
Equity share capital	0%	21	21	21	21	21	21
Non controlling interest	-3.4%	-0.23	-0.19	-0.14	-0.04	-0.05	-0.05
Total equity	106.2%	232	113	85	47	30	24
Total equity and liabilities	67.8%	714	426	283	210	168	92

Cash Flow for WAAREE RENEWABLE Tech

Standalone figures (in Rs. Crores) / View Consolidated Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	1488.9%	3.86	1.18	1.47
Change in inventories	117.7%	7.35	-34.83	-1.23
Depreciation	292.7%	2.58	0.18	0.16
Adjustments for interest income	65.7%	7.58	4.97	4.43
Share-based payments	175%	1.12	0.84	0
Net Cashflows from Operations	129%	143	63	37
Income taxes paid (refund)	481.4%	26	5.3	3.15
Net Cashflows From Operating Activities	105.3%	118	58	34
Purchase of property, plant and equipment	66.5%	9.81	6.29	0.08
Proceeds from sales of investment property	-	0	0	42
Purchase of investment property	598.1%	8.77	-0.56	0.56
Purchase of other long-term assets	-101.3%	0	80	0
Interest received	65.7%	7.58	4.97	4.43
Other inflows (outflows) of cash	-851.9%	-104.27	15	-26.81
Net Cashflows From Investing Activities	-73.6%	-115.28	-66	19
Proceeds from issuing shares	-	0.17	0	0
Proceeds from borrowings	-	10	0	0
Repayments of borrowings	-9.9%	0	0.09	37
Dividends paid	2600%	2.08	1.04	1.04
Interest paid	1488.9%	3.86	1.18	1.47
Net Cashflows from Financing Activities	197.6%	4.23	-2.31	-39.36
Net change in cash and cash eq.	149.1%	6.48	-10.16	13

Consolidated figures (in Rs. Crores) / View Standalone Data

Description	(%) Q/Q	Mar-2024	Mar-2023	Mar-2022
Finance costs	34.2%	6.77	5.3	6.94
Change in inventories	117.7%	7.35	-34.83	-1.23
Depreciation	128.7%	5.46	2.95	3.67
Adjustments for interest income	2090%	3.19	1.1	0.53
Share-based payments	175%	1.12	0.84	0
Net Cashflows from Operations	118.8%	152	70	46
Income taxes paid (refund)	481.4%	26	5.3	3.63
Net Cashflows From Operating Activities	96.9%	127	65	43
Proceeds from sales of PPE	-148.3%	0	3.07	0
Purchase of property, plant and equipment	-118.8%	0	6.31	6.5
Proceeds from sales of investment property	-	0	0	42
Purchase of investment property	598.1%	8.77	-0.56	1.35
Purchase of other long-term assets	-87.3%	11	80	0
Cash receipts from repayment of advances and loans made to other parties	-	0	0	0.01
Interest received	2090%	3.19	1.1	0.53
Other inflows (outflows) of cash	-757.3%	-97.6	16	-24.87
Net Cashflows From Investing Activities	-71.7%	-113.98	-65.96	9.43
Proceeds from issuing shares	-	0.17	0	0
Repayments of borrowings	-273%	-2.2	2.85	32
Dividends paid	2600%	2.08	1.04	1.04
Interest paid	34.2%	6.77	5.3	6.94
Net Cashflows from Financing Activities	26.7%	-6.48	-9.2	-39.99
Net change in cash and cash eq.	148.4%	6.33	-10.01	12

Investor Care
Dividend Yield	0.19%
Dividend/Share (TTM)	2
Diluted EPS (TTM)	19.2

Financial Health
Current Ratio	1.27
Debt/Equity	0.18
Debt/Cashflow	3.08

Valuation
Market Cap	11.93 kCr
Price/Earnings (Trailing)	72.29
Price/Sales (Trailing)	12.06
EV/EBITDA	50.2
Price/Free Cashflow	116.03
MarketCap/EBT	53.64

Fundamentals
Revenue (TTM)	1.2 kCr
Rev. Growth (Yr)	12.15%
Rev. Growth (Qtr)	52.28%
Earnings (TTM)	200.29 Cr
Earnings Growth (Yr)	-17.03%
Earnings Growth (Qtr)	89.91%

Profitability
Operating Margin	22.3%
EBT Margin	22.3%
Return on Equity	71.15%
Return on Assets	23.12%
Free Cashflow Yield	0.86%

WAAREERTL - WAAREE RENEWABLE TECHNOLOGIES LIMITED Share Price

Summary of Latest Earnings Report from WAAREE RENEWABLE Tech

Share Holdings

Holding Pattern

Share Holding Details

Overall Distribution

Ownership Distribution

Income Statement for WAAREE RENEWABLE Tech

Balance Sheet for WAAREE RENEWABLE Tech

Cash Flow for WAAREE RENEWABLE Tech

Investor Care

Financial Health

Valuation

Fundamentals

Profitability

Is WAAREE RENEWABLE Tech Better than it's peers?

Price to Sales Ratio

Revenue (Last 12 mths)

Net Income (Last 12 mths)

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