Waaree

Energies
Ltd
ANNUAL
2023-24
REPORT
 Waaree
Company Energies
Waaree Energies Limited (referred to as
‘Waaree’ ‘We’ or ‘the Company’) is India’s
largest solar module manufacturer and

Information
exporter and is at the forefront of accelerating
the global energy transition. Our leadership in
the solar PV industry is driven by the worldwide
shift towards renewable energy. Committed to
sustainable development and innovation, we
provide cutting-edge solar solutions that power
a greener future, aligning with our mission to
accelerate the global energy transition

OUR
ETHOS
Vision Mission Value
Our vision is to By virtue of our • Safety for all
provide high-quality commitment to • Integrity
and costeffective stakeholders, we • Respect for
sustainable energy strive for continuous individuals
solutions across all improvement in the • Customer first
markets, reducing quality of our • Passion for
carbon footprint and products and excellence and
thereby improving services innovation
the quality of present
and future human
life.
Offerings
HARNESSING THE SUN WITH
OUR ADVANCED SOLAR
SOLUTIONS
At Waaree, we are dedicated to accelerating the global energy transition
through pioneering solar innovations. Our cutting-edge range of high-
efficiency modules and specialised solutions is designed to lead the way
in sustainable energy solutions worldwide.

SOLAR PHOTOVOLTAIC
MANUFACTURING
TOPCon HJT Modules
Modules
Our N-type TOPCon solar Our N-type HJT solar PV
PV modules deliver modules offer
unmatched efficiency exceptional efficiency
and reliability, and reliability, designed
withstanding heavy to endure heavy snow
snow and wind loads, and wind loads while
and ensuring sustained consistently delivering
energy output. high-energy output.
EXPANDING
THE GLOBAL
REACH

334 904 24
Total Franchises Total ASP Countries

25/2 57.77
States/Union Export Revenues in
Territories %
FY 2023-24
Business
Model
• Solar PV Manufacturing
• Solar EPC
• New-Age Energy Solutions such as
Green Hydrogen / Ammonia
• Power Generation
 Chairman and
Managing Director’s
Perspective
The current macroeconomic environment is experiencing a
transformative shift toward sustainable energy, driven by both
necessity and opportunity. Renewable energy, particularly solar,
has emerged as a cornerstone for economic stability and growth,
addressing the volatility and environmental impact of fossil fuels.
Technological advancements and declining costs have made
solar energy a competitive and reliable energy source. Financial
markets are increasingly favoring investments in green
technologies, supported by strong policy frameworks and
international carbon reduction commitments. India, at the
forefront of this green revolution, has developed a solar PV
manufacturing capacity of 64.5 GW, with an additional 48.3 GW
planned under the Production Linked Incentive (PLI) scheme.
This growth will generate over 1 lakh jobs, contributing
significantly to both direct and indirect employment. Beyond
energy security, the renewable energy sector promotes
economic diversification and job creation, contributing to
broader macroeconomic stability. Overall, the alignment of
sustainability with economic goals strengthens public health,
reduces environmental degradation, and ensures long-term
prosperity. This growing favorable macroeconomic environment
supports the transition to a sustainable future while driving
economic resilience and prosperity.
CSR Activities
Education Medical Support for Under Privilag
Our Initiative to support education has impacted the Waaree is committed to operating and growing its
lives of 100,000+ children. Nurturing young minds and business in a socially responsible way. Waaree has
empowering communities through innovative worked towards providing Medical Assistance to over
educational initiatives that pave the way for a brighter, 60000+ patients across the country and is continually
more sustainable future. increasing its contribution.
 REVENUE FROM
OPERATIONS (Rs. in million)

Financial
Highlights
We recognise the vital role of financial capital in
driving sustainable growth and fostering economic
prosperity. Our commitment to financial excellence is
reflected in strategic initiatives and prudent CAPITAL EXPENDITURE
management, enabling us to navigate challenges and (Rs. in million)
seize growth opportunities. By aligning our financial
strategies with the UN Sustainable Development Goals
(SDGs), we are dedicated to contributing to a more
equitable and sustainable future.
NET PROFIT
(Rs. in million) Net
The company has demonstrated a remarkable growth trajectory
Profit
in net profit over the last five financial years. Starting from
₹418.12 million in FY 2019-20, net profit has risen consistently,
achieving ₹12,743.77 million in FY 2023-24. This exponential
growth highlights the company's strong operational efficiency,
strategic market positioning, and ability to capitalize on evolving
business opportunities. The significant leap in profitability,
especially in the last two years, underscores robust management
and a focus on value creation for stakeholders.

EBIT EBITDA
(Rs. in million)
EBITDA has shown impressive progress, growing from ₹1,173.90

A
million in FY 2019-20 to ₹21,509.20 million in FY 2023-24. This
represents a nearly 18-fold increase over five years, driven by
enhanced revenue streams and effective cost management
strategies. The substantial increase in FY 2023-24 indicates a
significant improvement in operational performance, showcasing
the company's commitment to sustainable growth and strong
cash flow generation. These results highlight the organization's
focus on maintaining profitability while scaling operations.
Auditors Report
The auditors have reviewed the standalone financial statements of Waaree Energies Limited for the year
ended March 31, 2024, and have concluded that these statements present a true and fair view of the
company's financial position, performance, and cash flows in compliance with the provisions of the
Companies Act, 2013 and applicable accounting standards. The financial records maintained by the
company are in agreement with the books of accounts, and the auditors found that the company has
adhered to the relevant regulations with no significant discrepancies.
However, the auditors have noted some concerns related to the backup of electronic records, which have
not been maintained on servers physically located in India on a daily basis. Additionally, there were issues
regarding the audit trail feature in the company’s accounting software, particularly with the new SAP
(HANA) system and the payroll processing software, where the audit trail feature could not be fully verified.
Despite these concerns, the auditors did not identify any material misstatements in the financial
statements.
The auditors also reported that the company has complied with the relevant provisions of the Companies
Act regarding the payment of managerial remuneration to its directors. No dividend was declared or paid
during the year, and there were no significant long-term contracts or amounts required to be transferred to
the Investor Education and Protection Fund. Based on their audit, the auditors issued an unqualified
opinion, with specific qualifications related to the audit trail for certain software systems, and confirmed
that the company has met all the necessary legal and regulatory requirements for the year.
Future Plans
Increased Manufacturing Capacity: Waaree plans to expand
its solar photovoltaic (PV) module capacity significantly, targeting
an increase of 30% over the next few years. This expansion is
crucial to meet the growing demand for solar energy solutions.

Rooftop Solar Initiatives: The company is projecting a 30%

revenue growth from its rooftop solar segment in the next five
years. This initiative aims to cater to residential and commercial
customers looking for sustainable energy solutions.

Sustainability Goals: The company is committed to achieving

net-zero emissions by 2050, which will guide its strategic
decisions and investments in sustainable practices.

Through these initiatives, Waaree Energies aims to not only

strengthen its market position but also contribute significantly to
the global transition towards renewable energy.
Thank
You
Report made by
Melroy Pereira - 89
Stanley David - 118
Sanya Fonseca - 110
Alvin CK - 68
Roger Bhutao - 102
Swati Pathak - 119