Waaree Renewables Faces Profit Dip Amid Rising Costs

Waaree Renewables Technology Limited saw a 17% drop in net profit to Rs 53.48 crore for the December 2024 quarter. Despite increased income, higher expenses impacted the profitability. The company reported a previous net profit of Rs 64.23 crore during the same period last fiscal year.

Waaree Renewables Technology Limited has announced a significant dip in its net profit for the December 2024 quarter, with figures showing a 17% decrease to Rs 53.48 crore. Rising expenses have been identified as the primary factor affecting their profitability.

In the same period of the previous fiscal year, the company had reported a net profit of Rs 64.23 crore, the exchange filing revealed. Despite these setbacks, the company's total income showed growth, rising to Rs 364.12 crore from the previous year's Rs 324.67 crore.

However, expenditure surged to Rs 293.39 crore, up from Rs 238.28 crore in the third quarter of the last financial year. As a subsidiary of Waaree Energies Ltd, known for being a major player in India's solar PV module manufacturing, WRTL continues to navigate the financial challenges posed by increased costs.

(With inputs from agencies.)