In the realm of finance, the shift towards sustainable energy solutions has captured significant attention, with green energy stocks emerging at the forefront. One notable player in this arena is Waaree Renewable Technologies Limited, which recently disclosed its audited financial results for the March quarter FY2024, revealing a remarkable upsurge in performance.

As of May 17, 2024, Waaree Renewable Technologies Limited’s stock price is set at INR 2,198.40, drawing focus for its role as the Solar EPC subsidiary of Waaree Group. The company stands out as a prominent solar developer involved in financing, constructing, owning, and operating solar projects.

The latest financial report from Waaree Renewable Technologies showcases impressive growth metrics. In Q4 FY24, the company experienced a substantial 344.40 percent surge in revenue, reaching INR 273.25 crore compared to INR 61.49 crore in the same period last year. This notable increase underscores the effectiveness of the company’s operational strategies and its expanding market footprint.

Furthermore, the company’s earnings before interest, taxes, depreciation, and amortization (EBITDA) for Q4 FY24 amounted to INR 75.30 crore, marking a significant rise of 237.83 percent from INR 22.29 crore in Q4 FY23. Additionally, the profit after tax (PAT) for the corresponding quarter soared by 341.41 percent, climbing to INR 54.18 crore from INR 12.28 crore in the previous year.

Waaree Renewable Technologies’ robust financial performance extends throughout the fiscal year 2023-24. The company reported a consolidated revenue of INR 876.44 crore for FY24, reflecting a notable 149.73 percent increase from the previous fiscal year. Moreover, the EBITDA for FY24 surged to INR 207.18 crore, showcasing a growth of 147.40 percent from FY23. The consolidated net profit for FY24 also saw a substantial rise, reaching INR 148.04 crore, a 167.55 percent increase from FY23.

In addition to its financial achievements, Waaree Renewable Technologies recently underwent a stock split, reducing the face value of its equity shares in a 1:5 ratio. This adjustment brings the face value of shares down to INR 2 per share, enhancing accessibility for a wider investor base.

Looking ahead, Waaree Renewable Technologies holds promising prospects, with ongoing initiatives and developments poised to further bolster its position in the green energy sector.