Waaree Energies (WAAREEENER) Q4 22/23 earnings summary

Executive summary

• FY23 consolidated revenue was ₹67,508.73m and net profit ₹5,002.95m; annual module capacity reached 12 GW, positioning the business for further scale-up.

• A ₹431,129.40m order book at March 31, 2023 provided stated revenue visibility for the next two years; exports generated 68% of FY23 revenue.

Financial highlights

• Consolidated revenue from operations rose to ₹67,508.73m from ₹28,542.65m; net profit was ₹5,002.95m versus ₹796.50m in FY22.

• Consolidated basic EPS was ₹21.82 versus ₹3.84; diluted EPS was ₹21.57 versus ₹3.84.

• Standalone revenue from operations was ₹65,327.99m versus ₹27,712.90m; PAT was ₹4,593.33m versus ₹698.29m.

• Consolidated EBITDA margin reached 13.99% and PAT margin 7.41% in FY23; reported increases were 689 bps and 462 bps, respectively.

• Revenue CAGR was 51.21% over the three years through FY23; management said it expected to sustain that growth rate on a larger base.

Outlook and guidance

• Module capacity target: 20 GW by FY24-25, including 2 GW of planned US manufacturing; solar cell capacity was targeted at 5.4 GW by March 2024.

• Plans included 6 GW of ingot-to-module manufacturing and, by FY24-25, 6 GW wafer, 11.4 GW cell and ~20 GW module capacity.

• Management linked growth prospects to the order book of ₹431,129.40m and planned backward integration to lower costs and strengthen competitiveness.

• A 1 MW green hydrogen plant contract was secured; electrolyzer manufacturing was being explored as an extension into clean-energy solutions.