Latest News | Waaree Renewable Technologies Net Profit Jumps Nearly 90 Pc to Rs 8 Crore in Q2

New Delhi, Nov 10 (PTI) Waaree Energies arm Waaree Renewable Technologies on Thursday posted nearly 90 per cent rise in its net profit to Rs 8.15 crore in the July-September quarter of FY23, mainly due to higher revenues.

The consolidated net profit of the company was Rs 4.29 crore in the quarter ended on September 30, 2021, a company statement showed.

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Total income of the company rose to Rs 120.99 crore in the reporting quarter from Rs 18.68 crore in the same period a year ago.

Hitesh Mehta, CFO, Waaree Group, said in the statement: "We are very pleased to leverage the tremendous opportunity from growing energy demand in India and several positive policy initiatives by the GOI (Government of India) for the solar energy sector.

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"This reflects in our strong growth in this quarter, which portrays our focused approach to operational efficiencies and profitability. We aim to position us one of the leading solar EPC players in the space. We want to be instrumental in adhering to the ESG compliance and aim to achieve net zero vision for India."

Waaree Renewables Technologies Ltd (WRTL), formerly known as SANGAM RENEWABLES LIMITED, is a subsidiary of Waaree Group and spearheading the solar EPC (Engineering, Procurement and Construction) business. Waaree Group has successfully installed 10,000-plus solar projects, with a total operating capacity of 600-plus MW.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)