However, revenue from operations jumped 74.37% year-on-year (YoY) to Rs 476.58 crore in the quarter ended 31 March 2025.
Profit before exceptional items and tax was at Rs 125.18 crore in Q4 FY25, registering growth of 73.66% from Rs 72.08 crore recorded in Q4 FY24. The company reported an exceptional loss of Rs 4.02 crore during the quarter.
The company's EBITDA increased by 67.79% to Rs 126.33 crore in Q4 FY25, compared to Rs 75.29 crore in Q4 FY24. However, the EBITDA margin decreased to 26.51% in Q4 FY25, down from 27.55% in Q4 FY24.
Total expenses spiked 75.25% to Rs 356.25 crore in Q4 FY25 as compared to Rs 203.28 crore reported in Q4 FY24. Cost of EPC contracts stood at Rs 334.96 crore (up 76.25% YoY). While employee benefit expenses stood at Rs 7.50 crore (up 50.90% YoY) during the period under review.
On the segmental front, revenue from EPC contracts stood at Rs 469.72 crore (up 76.28% YoY), while revenue from power sales stood at Rs 6.86 crore, remaining flat YoY during the quarter.
On full year basis, the company's consolidated net profit jumped 57.70% to Rs 229.16 crore on 82.28% increase in revenue to Rs 1,597.75 crore in FY25 over FY24.
Meanwhile, the company's board has approved the appointment of Sudhir Arya as an Additional Director of the company, effective Wednesday, 16th April 2025, subject to the approval of the members of the company.
Further, the board has also approved the change in designation of Sunil Rathi from Non-Executive Director to Executive Director, on terms and conditions as may be decided by the Board, effective Wednesday, 16th April 2025, subject to the approval of the members of the company.
Furthermore, the board has approved the appointment of Manmohan Sharma as the Chief Financial Officer of the company, effective Wednesday, 16th April 2025.
Additionally, the board has accepted the resignation of Mitul Mehta as an Independent Director of the company, with effect from the close of business hours on 16th April 2025.
Manmohan Sharma, CFO, Waaree Renewable Technologies said, 'We are pleased to report a revenue of Rs 1,597.75 crore for FY25, compared to Rs 876.50 crore in FY24, reflecting an impressive growth of 82.29%, significantly outpacing India's solar sector growth in the same period. This performance underlines the strength of our integrated business model, execution capabilities, and deep understanding of the renewable energy ecosystem.
As of March 2025, India's total renewable energy capacity reached 220.10 GW, with solar contributing 105.65 GW. The government aims to achieve 500 GW of renewable energy by 2030, including 280 GW from solar, driving rapid sector growth and creating opportunities for expansion and innovation. This shift is being fueled by supportive policies and advances in clean energy technologies, along with rising demand in the C&I, utility-scale, and hybrid project segments.
Recognising the evolving needs of the energy landscape, we have expanded our capabilities into Battery Energy Storage System (BESS) EPC solutions, further strengthening our position as a comprehensive clean energy player, backed by a robust order book of 3.2 GW in Solar EPC and 40 MWh in BESS EPC, we are well-positioned to deliver large-scale, next-generation projects.
We remain well-positioned, operationally resilient, and committed to driving the energy transition with high-quality, sustainable solutions. With innovation and sustainability at the core of our business, we are confident in our ability to create long-term value for all stakeholders.'
Waaree Renewable Technologies, a subsidiary of Waaree Group, is a leading solar EPC company based in Mumbai. In addition to EPC services, they also develop, finance, construct, own, and operate solar projects, focusing on commercial and industrial customers.
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