Waaree Energies Q2 Results: Net profit grows 17% to Rs 375.6 crore

Waaree Energies connected Monday reported a 17 per cent emergence successful consolidated nett net astatine Rs 375.6 crore successful the July-September quarter, helped by higher income.

It had posted Rs 320.1 crore nett for the July-September play of the preceding 2023-24 fiscal, the institution said successful a regulatory filing.

Post its listing connected October 28, this is the archetypal quarterly effect of Waaree Energies. It made its marketplace debut astatine Rs 2,550, reflecting a leap of 69.66 per cent from the contented terms price of Rs 1,503.

The company's full income roseate to Rs 3,663.4 crore successful the 4th nether review, from Rs 3,558.5 crore successful the 2nd 4th of the past fiscal year.

Its expenses during the 4th were astatine Rs 3,164.6 crore, arsenic against Rs 3,123.9 crore successful the year-ago period.

The committee besides approved an concern of up to Rs 600 crore successful its wholly-owned subsidiaries for mounting up and improvement of the infrastructure (including onshore and connectivity) for the intent of processing renewable powerfulness projects and bidding pipeline.

The committee besides discussed proposals related to introduction into the manufacturing of electrolysers for greenish hydrogen, and lithium ion precocious chemistry retention compartment and vigor retention strategy manufacturing plants.

The institution said it volition travel retired with a elaborate program and concern for the aforesaid 2 projects successful the adjacent 2 months.

Waaree Energies, 1 of the large players successful the star vigor manufacture successful India, is focused connected PV module manufacturing with an aggregate installed capableness of 12 GW arsenic of June 30, 2023.

It operates 5 manufacturing facilities with 1 mill each, located astatine Surat, Tumb, Nandigram and Chikhli successful Gujarat, and the IndoSolar Facility, successful Noida, Uttar Pradesh.