Solar power producer Waaree Renewable Technologies Ltd.'s profit fell in the third quarter of financial year 2025.
The solar EPC subsidiary of Waaree Group's net profit decreased 16.7% year-on-year to Rs 53.5 crore in the quarter ended Dec. 31, 2024, according to the exchange filing on Thursday. The company's margin contracted 700 basis points.
Waaree Renewable Technologies Q3 FY25 (Consolidated, YoY)
Revenue up 11% at Rs 360 crore versus Rs 324 crore.
Ebitda down 18% at Rs 72 crore versus Rs 88 crore.
Ebitda margin at 20% vs 27%.
Net profit down 16.7% at Rs 53.5 crore versus Rs 64.2 crore.
Despite Waaree Renewable Technologies seeing a growth in revenues in the third quarter, the company's margins were heavily under pressure.
Margins of the company contracted 700 basis points to 20% due to a significant surge in the following costs:
Cost of EPC contracts increased 31% year-on-year to Rs 275.93 crore.
Employee benefit expenses rose 64% year-on-year to Rs 7.92 crore.
Other expenses more than doubled to Rs 4.57 crore.
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