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Waaree Renewables Technologies put up a power-packed Q3, profits more than doubled, and revenue climbed sharply from last year.
Breaking it down:
Net profit: up 124.7% YoY at ₹120 crore vs ₹53.4 crore
Revenue: up 136.1% YoY at ₹851.06 crore vs ₹360.3 crore
The company has a big backlog of work, 2.92 GWp worth of projects it has already won but hasn’t started yet. It expects to finish this work over the next 12-15 months.
GWp means gigawatt peak, or the maximum power a solar project can produce under ideal sunlight.
It’s also still hunting for more business. The company says its upcoming bids pipeline is strong at around 29 GWp.
And it’s expanding too. The board has approved a capex budget to set up a 120 MWp solar power park in Buldhana, Maharashtra, as the company looks to scale up faster in India’s booming solar market.
