Waaree Renewables Technologies Ltd

We are honoured to present WRTL's Annual

Report for FY 2023-24. As we reflect on our journey over the past year and chart our course for the future, we are filled with a deep sense of pride and optimism. Despite global uncertainties and economic challenges, we have not only navigated through these complexities but also have emerged stronger and more committed to our vision. Our achievements and resilience over the past year are a testament to the collective efforts of our dedicated team. Today, we are excited to share our accomplishments, insights, and strategic plans that will continue to drive our growth and success.

The global economy saw a steady rebound in FY 2023-24, with this recovery expected to continue into FY 2024-25 as major uncertainties and conflicts subside. Projected to grow by 7.5% in 2024 according to the World Bank, India is expected to surpass Japan as the fourth-largest economy by FY 2024-25. This growth is supported by efforts to reduce fiscal deficits government debt, backed by strong output growth and government initiatives. India is on track to become the fastest-growing major economy in 2024, with an increasing number of multinational companies eyeing the country as a viable manufacturing hub amid global supply chain changes.

India, a major player in global power production and consumption, is rapidly shifting to a sustainable energy model to meet its growing power demands. Recognising the need for renewable energy amid climate change and rising energy costs, the country is driving this transition with substantial government investment and favourable policies. Decreasing renewable energy costs, financial and regulatory frameworks are attracting investments and fostering innovation in the energy sector.

India made significant strides in renewable energy, adding a record 21.2 GW, a 12.76% increase from the previous year's 18.8 GW, according to the Ministry of New and Renewable Energy. Tenders for utility-scale projects exceeded the Government's 50 GW target, reaching 72 GW, driven by market growth, strong Central Government support, and improved operating margins. Solar energy leads India's renewable energy landscape, with a total installed capacity of approximately 85.47 GW^{^}. In FY 2023-24 alone, solar installations contributed 17.3 GW to the total renewable energy capacity addition, positioning solar energy as a key driver in India's sustainable energy future.

In terms of energy storage, the country's capacity is set for substantial growth, aiming to reach 15 GW by FY 2023-24 and 85 GW by FY 2029-30 according to Ministry of New and Renewable Energy. This aligns with the new renewable purchase obligations and energy storage obligation norms to support the country's renewable energy goals. The increasing significance of The

Solar Energy Corporation of India (SECI) and other agencies involved in renewable energy tendering underscores the strength of India's renewable energy tendering ecosystem.

As we continue to advance in clean technology and as the recognition of sustainable energy grows, this year marks a pivotal moment of inflection and growth for us. Our strong financial performance provides a solid foundation to take on significantly larger and more complex projects. By June 30, 2024, we secured four major orders, setting a positive way forward for the coming years.

As a company committed to sustainability, we see immense opportunities in India's ambitious goals to reduce carbon intensity, increase renewable energy, and achieve net-zero emissions. With targets like 500 GW^# of renewable energy by 2030 and new policy initiatives in storage space and significant bids in solar projects, we are focussing on profitable ventures backed by strong financial management. We are poised to lead in India's renewable energy evolution, driving growth through innovation and sustainability.

We remain committed in driving innovation, executing our strategic plans, and seizing opportunities in the dynamic energy sector. We are pleased to announce that the Board of Directors has recommended a dividend of 1/- per share of face value 2/- each. With a strong balance sheet and disciplined capital management, we are well-prepared for the next phase of growth. I extend my heartfelt appreciation to each of our stakeholders for your perseverance and hard work. Your consistent support and enthusiasm are integral to our organisation's success. Together, we have achieved significant milestones and tackled challenges with resilience.