Waaree Energies Q3 Results: Net profit grows multifold to Rs 506.8 crore

Waaree Energies connected Thursday reported a multifold emergence successful consolidated nett net to Rs 506.8 crore for the December 2024 quarter, helped by higher income.

It had posted a Rs 140.8 crore nett net successful the year-ago quarter, the institution said successful an speech filing.

The company's full income roseate to Rs 3,545.2 crore from Rs 1,651.7 crore successful the October-December play of 2023-24.

Its expenses stood astatine Rs 2,855.4 crore against Rs 1,517.3 crore a twelvemonth ago.

In a media statement, the company's Whole Time Director and CEO Amit Paithankar said, "Our star concern continues to beryllium strong, and we are rapidly advancing successful the adjacencies of vigor retention systems, greenish hydrogen, inverters and renewable infrastructure".

The momentum successful this abstraction is stronger than ever, and the institution is well-positioned to capitalise connected it, the connection said.

The US contributed 15-20 per cent of the company's gross mix, Paithankar said.

In January, the company, done its US-based subsidiary Waaree Solar Americas Inc, started commercialized accumulation of a 1.6 GW Solar Module enactment astatine Brookshire successful Texas.

During the quarter, the committee of the institution approved a superior expenditure amounting to Rs 2073 crores and an concern of Rs 650 crore for mounting up a 3.5 GWh (gigawatt hour) lithium-ion precocious chemistry retention compartment manufacturing plant.

Waaree Energies is 1 of India's large players successful the star vigor industry.