Waaree Energies (WAAREEENER) Q4 23/24 earnings summary

Executive summary

• FY 2023-24 delivered strong growth: consolidated revenue rose 68.83% YoY to ₹113,976.09 million and PAT increased 154.73% to ₹12,743.77 million.

• Module capacity reached 12 GW; the year-end order book was 19,928.12 MW, with exports accounting for 57.77% of revenue.

Financial highlights

• Consolidated EBITDA was ₹21,509.19 million, up 132.90% YoY; EBITDA margin expanded to 18.49% from 13.46%.

• Profit before exceptional items and tax was ₹13,928.59 million; reported PBT was ₹17,342.01 million after ₹3,413.42 million of exceptional order-cancellation charges.

• EPS was ₹48.05 basic and ₹47.86 diluted, versus ₹21.82 and ₹21.57, respectively, in FY 2022-23.

• Operating cash flow was ₹23,050.21 million; investing cash outflow was ₹33,402.52 million, while financing cash inflow was ₹9,091.82 million.

Outlook and guidance

• Plans call for 5.4 GW of solar-cell capacity in FY 2024-25 and ~21 GW of module capacity by FY 2026-27; 6 GW of integrated ingot-to-module capacity is planned for FY 2026-27.

• A 1.6 GW US module facility was under development, with plans to expand to 3 GW by FY 2025-26 and potentially 5 GW by FY 2026-27.

• A post-year-end ₹7,500 million bank credit facility was sanctioned.