However, revenue from operations increased 11.15% year on year to Rs 360.35 crore in the quarter ended 31 December 2024.
Profit before tax stood at Rs 70.73 crore in Q3 FY25, down 18.12% as against Rs 86.39 crore recorded in Q3 FY24.
Total expenses increased 23.12% to Rs 293.39 crore in Q3 FY25 as compared to Rs 238.29 crore reported in Q3 FY24. Cost of EPC contracts stood at Rs 275.93 crore (up 20.33% YoY). While employee benefit expenses stood at Rs 7.92 crore (up 64.65% YoY) during the period under review.
On segmental front, revenue from EPC contract stood at Rs 354.46 crore (up 11.15% YoY) and revenue from power sale stood at Rs 5.89 crore (up 11.34% YoY) during the quarter.
On nine-month basis, the company's net profit surged 44.03% to Rs 135.35 crore on 85.87% surge in revenue to Rs 1,121.17 crore in 9M FY25 over 9M FY24.
Meanwhile, the company’s board has approved and declared an interim dividend of Rs 1 per equity share of Rs 2 each. The company has fixed 24 January 2025 as the record date to determine the eligibility of members to receive the said interim dividend.
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.