ACCELERATING GLOBAL ENERGY TRANSITION
WAAREE ENERGIES LIMITED
Q2 FY25 Investor Presentation
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Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and
collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks,
uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the
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completeness.
2
Business Overview
India's leading renewable energy company- Accelerating global energy transition
Aggregate Installed
2007: 30MW Historical Growth 2023: 12GW Present: ~13.3GW
Capacity (Module)
2024
2021 – 2023 • 6GW Expansion expected to
commence commercial
operations in FY27
• Awarded PLI for a 6GW • 5.4GW Cell Mfg. expected to be
integrated ingots, wafer, operational by FY25
2018 – 2021 cell, module mfg. facility
• 1.6GW Module Mfg. in USA
• Initiated construction of expected to be operational by
• 2021: Acquired a 5.4GW cell mfg. facility FY25
2011 – 2017 500MW solar module • Increased capacity to • Increased capacity to 13.3GW
mfg. facility 12GW (1.3 GW from Indosolar )
2007-2011 • 2018: Divested • Raised 2 equity rounds • Awarded PLI for a 300MW
2017: Waaneep Solar Pvt Ltd. of INR10,401mn and Electrolyser mfg. facility
1990-2007 Acquired NEEPCO’s to Hero Solar Energy Pvt INR10,000mn
stake in the JV2 Ltd. • Listed on BSE & NSE
2007: 2014:
Entered solar energy • 2018: Commissioned
Proven track record of JV with NEEPCO for a 1GW PV plant capacity
sector solar power project
scaling businesses –
Hitesh Chimanlal Doshi, 2011:
Chairman & MD sold his Initiated EPC Business
previous venture
Waaree Instruments
Limited
Note: “~” represents rounded off numbers. Largest manufacturer of solar modules as per Crisil Report dated June 2024. All years above are calendar years; 2. The JV, i.e. Waaneep Solar Private Limited, became a wholly owned subsidiary company of 4
WEL pursuant to such acquisition from NEEPCO.
Enabling energy transition with diversified products and services
Solar PV module Green hydrogen
EPC and O&M Retail sales
mfg. electrolyser*
Products across the technology spectrum Ground Mount Inverters Electrolyser for manufacturing
green hydrogen
Monofacial Bifacial
Rooftop Solar Street Light
BIPV Flexible
Floating Solar Solar Bag Solar Mobile Charger
Top Con HJT
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*Manufacturing electrolyser for green hydrogen is not an existing product offering, the Company plans to expand in manufacturing electrolyser for green hydrogen in near future
Energizing Growth
Key Performance Metrics
Strong Order Book
H1 FY25 (₹ Mn)
Macros and Demand Drivers
• Solar energy: The lowest-cost energy source globally, 71,599 3% YoY
driving widespread adoption and investment • Our current order book stands at ~20GW
Total Revenue
• China plus one strategy • Diversified Customer mix
• GOI’s ambitious target of achieving 500 GW of
renewable energies by 2030
12,539 15% YoY
EBITDA 17.51% Margin
18% YoY
Robust Execution and Empowering the Energy Transition 7,768
Manufacturing Excellence PAT 10.85% Margin
• Green Hydrogen Policy expected to lead to increased
• 5.4 GW Cell Manufacturing Facility at Chikli
investment in the green hydrogen sector
• 6 GW integrated facility at Odisha
• India’s requirement for storage capacity is likely to
• 1.6 GW module manufacturing facility in USA 3.3GW
increase to ~70 GWh by FY30 facilitating growth in
• Production of 3.3GW in H1 FY25 vs 4.8GW for FY24
BESS Production Volume
Building Strong Fundamentals: Markets, Order Book, and Execution for Growth
6
Sources :Crisil Report/IREC USA/Solar Market Insight Report/CareEdge Ratings Report
Market Dynamics
Global Solar PV Capacity addition calendar year 2000 to 2030P
Solar Batteries
Cost decline Cost decline
250 1000
80% 80% 8,000
7,203.00
800 7,000
200
6,000
150 600 5,000
$/kWh
¢/Wp
4,000
400 3,000
100
1,418.97 2,000
200
1,000
50 1.22
0
2000 2023 2030P
0 0
2012 2022 2024 2012 2022 2024
Global India
• Globally ~346 GW of solar PV capacity was added in 2023, taking the installed capacity to • GOI’s ambitious target of achieving 500 GW of installed electric capacity from non-fossil
~1,418 GW - an impressive growth rate of 40% sources by 2030
• World Solar Report projects solar capacity to reach 7,203 GW by 2030 with solar jobs surging • Favourable Policy Framework:
to 7.1 million • Basic Custom Duty & Approved List of Model and Manufacturers
• By the close of 2024, the capacity for global solar manufacturing is projected to exceed 1,100 • Domestic Content Requirements
GW • PLI Schemes for incentivising local Manufacturing
• Energy investments increased from $2.4 trillion in 2018 to $3.1 trillion by 2024 with Solar • PM Surya Ghar Muft Bijli Yojana(~30 GW with an allocation of Rs. 75,021 Cr)
leading renewable energy investments, accounting for 59% of the total • PM Kusum Scheme(34.8 GW with Rs. 34,422 Cr of financial allocation)
Solar Energy driving a multi-decadal growth story
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Source: ISA Assembly and India’s Minister for New and Renewable Energy, Ibef, RMI, IEA & Internal resources
Strong Order Book & Diversified Customer Base
Order Book (GW)* Global Customer Base
20 20
20 18 1.0
Europe
North America
Asia
10 0.5 Africa
3
0 0.0 South America
Australia
FY 2022 FY 2023 FY 2024 H1FY25
Sep 24 Order Book Pan India Presence Mix of customers
Utility & Enterprises
27.5% Commercial & Industrial
EPC
72.5%
372
Domestic
Franchisees Export
Overseas
Retail
Chasing Opportunities, Across the World
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*rounded off to the closest whole number
Bridging Current Capacities to Future Potential
Present Capacity 13.3 GW
1 GW 1.1 GW 9.66 GW 0.23 GW 1.3 GW
Tumb Nandigram Chikhli Surat Indosolar#
Under execution
Module and Cell Capacity (GW)
1.6 GW 5.4 GW 21.0
Module USA Cells Chikhli
13.3 13.3
12.0 11.0
9.0
Future Capacity 4.0
5.4
3.4 GW* 5 GW* 6 GW FY 2022 FY 2023 FY 2024 H1FY25 FY25 FY27
Integrated facility
Module USA Cell USA
in Odisha Existing Module Capacity (GW) Projected Cell Capacity Projected Module Capacity
Demand served by GW growth
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Notes: # Commenced operations from July 2024, * Under Evaluation
Potential Entry in Adjacent Businesses
Green Hydrogen electrolyser mfg. Renewable Power Infrastructure Battery Energy Storage System
• Awarded PLI for a 300MW • Investment in renewable power • Lithium-Ion chemistry storage cell,
Electrolyser mfg. facility projects and bidding pipeline and energy storage system
Growth based on broader energy transition theme
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Financials
Consolidated Financial Highlights
Q2FY25 H1 FY25
36,635 Mn 6,139 Mn 3,757 Mn 71,599 Mn 12,539 Mn 7,768
Total Income EBITDA PAT Total Income EBITDA PAT
3% YoY 14% YoY 17% YoY 3% YoY 15% YoY 18% YoY
16.76% 10.25% 17.51% 10.85%
EBITDA Margin PAT Margin EBITDA Margin PAT Margin
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Consolidated Profit & Loss Statement
(₹ Mn) Q2 FY25 Q2 FY24 Y-O-Y Q1 FY25 Q-O-Q H1 FY25 H1 FY24 Y-O-Y
Revenue from Operations 35,743.77 35,372.97 1.05% 34,089.01 4.85% 69,832.78 68,655.89 1.71%
Other Income 890.86 212.50 319.23% 875.12 1.80% 1,765.98 1,079.56 63.58%
Total Income 36,634.63 35,585.47 2.95% 34,964.13 4.78% 71,598.76 69,735.45 2.67%
Cost of materials consumed 21,488.69 22,223.98 17,962.75 39,451.44 47,578.45
Purchases of stock-in-trade 4,753.57 4,051.47 2,065.72 6,819.29 4,763.06
Changes in inventories of finished goods, stock in trade & work in
796.60 1,292.39 5,102.80 5,899.40 1,655.34
progress
Other manufacturing and Engineering, Procurement & construction
785.32 658.62 692.40 1,477.72 1,278.17
project expenses
Employee benefits expense 667.50 391.79 633.25 1,300.75 714.62
Sales, administration and other expenses 2,003.58 1,582.13 2,107.32 4,110.90 2,817.76
EBITDA 6,139.37 5,385.09 14.01% 6,399.89 -4.07% 12,539.26 10,928.05 14.74%
% Margin 16.76% 15.13% 18.30% 17.51% 15.67%
Depreciation and amortization expense 842.68 708.88 757.65 1,600.33 1,277.55
Finance costs 308.32 329.79 336.95 645.27 730.46
Profit before tax and exceptional items 4,988.37 4,346.42 14.77% 5,305.29 -5.97% 10,293.66 8,920.04 15.40%
Exceptional items - - - - 0.00
Profit before tax (after exceptional items) 4,988.37 4,346.42 14.77% 5,305.29 -5.97% 10,293.66 8,920.04 15.40%
Tax expenses 1,231.78 1,145.21 1,294.04 2,525.82 2,336.10
Profit for the year 3,756.59 3,201.21 17.35% 4,011.00 -6.34% 7,767.84 6,583.94 17.98%
% Margin 10.25% 9.00% 11.47% 10.85% 9.44%
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Consolidated Balance Sheet and Cash Flow
Particulars (₹ Mn) H1FY25 FY24
Shareholders' Fund 49,275.57 41,484.88
Non-Current Liabilities 12,330.44 17,420.99
Current Liabilities 78,741.47 54,231.40
Total Liabilities 1,40,347.48 1,13,137.27
Fixed Assets 36,974.67 24,906.40
Other Non-Current Assets 15,673.73 8,100.06
Current Assets 87,699.08 80,130.81
Total Assets 1,40,347.48 1,13,137.27
Particulars (₹ Mn) H1FY25 H1FY24
Net Cash Inflow/(Outflow) from Operating Activities 14,931.64 -992.74
-14,860.85 -8,601.63
Cash Flow from Investing Activities
3,565.18 13,817.28
Cash Flow from Financing Activities
Net Increase / (decrease) in Cash & Cash equivalent 3,635.97 4,222.91
1,213.85 2,536.53
Cash and Cash Equivalents as at April 1st
Cash and Cash Equivalents as at March 31st 4,901.07 6,681.25
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THANK YOU
Waaree Energies Limited
CIN: U29248MH1990PLC059463
Name –Mr. Rohit Wade Mr. Suraj Shah Ms. Pooja Swami
Title – GM-Investor Relations +91 9545776665
[email protected] +91 9860202359
[email protected] [email protected]
