Waaree Energies Q2 Profit Up 17% to Rs 375.6 cr - Business News

New Delhi, Nov 18 (PTI) Waaree Energies on Monday reported a 17 per cent rise in consolidated net profit at Rs 375.6 crore in the July-September quarter, helped by higher income.

It had posted Rs 320.1 crore profit for the July-September period of the preceding 2023-24 fiscal, the company said in a regulatory filing.

Post its listing on October 28, this is the first quarterly result of Waaree Energies. It made its market debut at Rs 2,550, reflecting a jump of 69.66 per cent from the issue price price of Rs 1,503.

The company's total 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 last financial year.

Its expenses during the quarter were at Rs 3,164.6 crore, as against Rs 3,123.9 crore in the year-ago period.

The board also approved an investment of up to Rs 600 crore in its wholly-owned subsidiaries for setting up and development of the infrastructure (including land and connectivity) for the purpose of developing renewable power projects and bidding pipeline.

The board also discussed proposals related to entry into the manufacturing of electrolysers for green hydrogen, and lithium ion advanced chemistry storage cell and energy storage system manufacturing plants.

The company said it will come out with a detailed plan and investment for the aforesaid two projects in the next two months.

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023.

It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.