BlackRock held solar stock which is the largest solar PV module manufacturer in India jumped upto 15 percent in the day’s trade upon declaring its Q3FY25 results with a 260 percent jump in net profits.
Price Action
With a market capitalization of Rs. 70,294 Crores, the shares of Waaree Energies Limited were trading at Rs. 2,446 per equity share, up 12 percent from its previous day’s close price of Rs. 2,190.65.
Q3 FY25 Results
Its Revenue from operations grew by 117 percent YoY from Rs. 1,596.18 Crores in Q3FY24 to Rs. 3457.28 Crores in Q3FY25 and it declined by 3 percent QoQ from Rs. 3574.37 Crores in Q2FY25 to Rs. 3457.28 Crores in Q3FY25.
Its Net Profit grew by 260 percent YoY from Rs. 140.8 Crores in Q3FY24 to Rs. 506.8 Crores in Q3FY25 and it grew by 35 percent QoQ from Rs. 375.65 Crores in Q2FY25 to Rs. 506.8 Crores in Q3FY25.
Its Net Profit Margin increased from 8.52 percent in Q3FY24 to 14.29 percent in Q3FY25, while the EPS grew from Rs. 4.93 to Rs. 18.41 per equity share.
Coming to the segmental revenue, from the sale of Solar Photovoltaic Modules it generated 89.9 percent of the total revenue which grew by 122 percent YoY, 10.15 percent from EPC contracts, and 0.21 percent from generation of power.
As of 9MFY25 Waaree Energies Limited generated 79 percent of its revenue from India and 21 percent from Overseas.
About the Company
Waaree Energies Limited is the largest solar PV modules manufacturer in India, with a presence across 28 states with 387 franchisees.
It has a wide product portfolio of solar energy products that consists of Multicrystalline modules Monocrystalline modules and TopCon modules include flexible bifacial modules as well as building-integrated photovoltaic (BIPV) modules.
Waaree Energies Limited has a strong product portfolio consisting of Solar Modules, Flexible Modules, Lithium Ion Batteries, Battery Energy Storage Systems, On/Off Grid Inverters, water pumps, and Green Hydrogen Solutions. It has an orderbook of 26.5 GW valued at Rs 50,000 Crores.
Q3FY25 Updates
It has made various strategic investments involving capex of Rs. 551 Crores for Green Hydrogen & electrolyzer, Rs. 2,073 Crores for Battery Energy Storage Systems, Rs. 650 Crores for Renewable Power Infrastructure, and Rs. 130 Crores for Inverters.
In Q3FY25 Waaree Energies Limited commenced trial production of its 5.4 GW solar cell manufacturing facility, and commenced commercial production of its 1.6 MW Solar Module line USA.
Installed Capacity and Future Plans
As of Q3FY24, Waaree Energies Limited is the largest manufacturer of solar PV modules with the largest aggregate installed capacity of 15 GW, and 5.4 GW of solar cell manufacturing.
By FY27, Waaree Energies Limited intends to achieve 21 GW of Module Manufacturing, 11.4 GW of Solar Cell manufacturing and 6GW of Ingot.
BlackRock Investment
BlackRock Institutional Trust Company managed National Pension Service has made investments worth ~Rs. 31.75 Crores in Waaree Energies Limited during its IPO through the anchor book.
Written by: Bharath K.S
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