Waaree Energies on Monday reported a 17 percent rise in consolidated profit at Rs 375.6 crore for the July-September quarter, helped by higher revenue.
It posted a profit of Rs 320.1 crore in the July-September period of the previous fiscal 2023-24, the company said in a regulatory filing.
Post their list on October 28, this is the first quarter result of Waaree Energies. It made its market debut at Rs 2,550, marking a jump of 69.66 percent from the issue price of Rs 1,503.
The company’s net income rose to Rs 3,663.4 crore in the quarter under review, from Rs 3,558.5 crore in the second quarter of the previous financial year.
Its expenses during the quarter were at Rs 3,164.6 crore, compared to Rs 3,123.9 crore in the previous period.
The board has also approved investments of up to Rs 600 crore in its wholly-owned subsidiaries to set up and develop infrastructure (including land and connectivity) with a view to developing renewable energy projects and the bidding pipeline.
The board also discussed proposals related to entering into the production of green hydrogen electrolysers, as well as lithium ion cell storage chemistry and energy storage system production plants.
The company said it will come out with a detailed plan and investment for the two projects mentioned above in the next two months.
Waaree Energies, one of the major players in the solar power industry in India, is focusing on PV module manufacturing with an installed capacity of 12 GW from 30 June 2023.
It operates from five manufacturing sites with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and IndoSolar Facility, Noida, Uttar Pradesh.
