WAAREE ENERGIES LIMITED
Waaree Energies Share Price, PreIPO Share Details as of March 31, 2021
| Waaree Energies Outstanding Shares: | 19,71,38,492 |
| Face Value of Waaree Energies Unlisted Shares: | 10 |
| ISIN of Waaree Energies Unlisted Share: | INE136D01018 |
| Lot Size of Waaree Energies Unlisted Share: | 100 |
| Waaree Energies Current Share Price: | Best in Industry |
| PAN Number of Waaree Energies Ltd : | AAACM4465E |
Waaree Energies Limited Incorporation Details
| Waaree Energies CIN Number | U29248MH1990PLC059463 |
| Waaree Energies Registration Date | 18-Dec-90 |
| Category / Sub-Category of Waaree Energies | Public Company limited by Share Capital / Indian Non-Government Company |
| Waaree Energies Registered Office Address | 602, 6th Floor, Western Edge – I, Western Express Highway, Borivali (East) , NA Mumbai Mumbai City MH 400066 IN . |
Board of Directors of Waaree Energies Limited
| Board of Directors Constituents | |
| Hitesh Chimanlal Doshi | Chairman and Managing Director |
| Virenkumar Chimanlal Doshi | Whole-time Director |
| Hitesh Pranjivan Mehta | Whole-time Director and Chief Financial Officer |
| Sujit Kumar Varma | Independent Director |
| Rajender Mohan Malla | Independent Director |
| Jayesh Dhirajlal Shah | Independent Director |
| Richa Manoj Goyal | Independent Director |
Waaree Energies Limited Ltd Principal Business Activities
| Name and Description of main products/services | NIC | % to the total turnover of the Company |
| Manufacture of special purpose machinery. | 100.00% |
Waaree Energies Company Limited’s Particulars of Holding, Subsidiaries, & Associate Companies
| Name of the Company | Subsidiary / Associate | % of shares held |
| Waaree Renewable Technologies Limited | Subsidiary | 99.99% |
Waaree Energies Limited Shareholding Pattern (As of 31-03-2021)
| S. No. | Shareholder’s Name | No. of Shares | % of total Shares of the company |
| 1 | Promoter | 18,87,40,192 | 95.74 |
| 2 | Public Shareholding | 83,98,300 | 4.26 |
| Total | 19,71,38,492 | 100.00 |
Balance Sheet
Waaree Energies Limited Balance Sheet (In Rs. Millions)
| PARTICULARS | 2023 | 2022 | 2021 |
| Assets | |||
| Non-current assets | |||
| Property, plant and equipment | 9,912.16 | 5,648.33 | 2,320.67 |
| Capital work-in-progress | 5,370.43 | 1,226.65 | 11.69 |
| Right of use assets | 1,001.90 | 465.19 | 480.84 |
| Investment property | 3.48 | 3.48 | 3.48 |
| Intangible assets | 71.69 | 65.78 | 62.14 |
| Intangible assets under development | 1.47 | 10.95 | 15.19 |
| Goodwill on consolidation | 63.43 | 63.43 | 70.31 |
| Financial assets | |||
| Investments | – | 100 | 820 |
| Trade receivables | – | 44.85 | 51.66 |
| Security deposit | 98.98 | 54.18 | 48.29 |
| Other financial assets | 1,574.07 | 360.5 | 345 |
| Deferred tax assets (net) | 142.77 | 180.25 | 37.72 |
| Income tax assets (net) | 0.7 | 14.81 | 37.97 |
| Other non-current assets | 1,437.29 | 693.95 | 928.55 |
| Total non-current assets | 19,678.37 | 8,932.35 | 5,233.51 |
| Current assets | |||
| Inventories | 27,088.67 | 5,381.66 | 3,680.02 |
| Financial assets | |||
| Current investments | 310.59 | 1,331.56 | 334.44 |
| Trade receivables | 3,126.13 | 925.24 | 1,182.40 |
| Cash and cash equivalents | 2,536.53 | 1,391.86 | 128.2 |
| Bank balances other than cash and cash equivalents above | 14,827.64 | 2,271.81 | 973.88 |
| Loans | 136.67 | 160.6 | 479.26 |
| Other financial assets | 534.91 | 456.09 | 248.54 |
| Other current assets | 6,200.30 | 864.6 | 672.08 |
| Assets held for sale | 67.97 | – | – |
| Total current assets | 54,829.41 | 12,783.42 | 7,698.82 |
| Total Assets | 74,507.78 | 21,715.77 | 12,932.33 |
| Equity and liabilities | |||
| Equity | |||
| Equity share capital | 2,433.66 | 1,971.38 | 1,971.38 |
| Other equity | 15,950.43 | 2,305.13 | 1,554.44 |
| Equity attributable to owners of the holding company | 18,384.09 | 4,276.51 | 3,525.82 |
| Non-controlling interest | 234.41 | 122.02 | 401.68 |
| Total equity | 18,618.50 | 4,398.53 | 3,927.50 |
| Liabilities | |||
| Non-current liabilities | |||
| Financial liabilities | |||
| Borrowings | 1,458.27 | 1,889.71 | 1,971.29 |
| Lease liabilities | 380.5 | 426.97 | 443.7 |
| Long-term provisions | 692.62 | 414.26 | 325.5 |
| Deferred tax liabilities (net) | 479.44 | 264.1 | 88.02 |
| Other non-current liabilities | 3,277.47 | 4.1 | 13.77 |
| Total non-current liabilities | 6,288.30 | 2,999.14 | 2,842.28 |
| Current liabilities | |||
| Financial liabilities | |||
| Borrowings | 1,276.53 | 1,241.12 | 924.42 |
| Lease Liabilities | 87.42 | 76.28 | 59.33 |
| Trade payables | |||
| Total outstanding dues of micro enterprises and small enterprises | 657.13 | 96.18 | 117.22 |
| Total outstanding dues of creditors other than micro enterprises and | 14,782.76 | 4,593.16 | 3,449.80 |
| small enterprises | |||
| Supplier ‘s credit / Letter of credit – acceptances | 5,857.80 | 577.14 | 765.41 |
| Other financial liabilities | 2,539.94 | 881.09 | 127.93 |
| Provisions | 30.24 | 16.44 | 1.84 |
| Other current liabilities | 23,515.11 | 6,639.42 | 578.05 |
| Current tax liabilities (net) | 854.05 | 197.26 | 138.55 |
| Total current liabilities | 49,600.98 | 14,318.09 | 6,162.55 |
| Total equity and liabilities | 74,507.78 | 21,715.77 | 12,932.33 |
Waaree Energies Limited Profit & Loss Statement (In Rs. Millions)
| PARTICULARS | 2023 | 2022 | 2021 |
| Income | |||
| Revenue from operations | 67,508.73 | 28,542.65 | 19,527.76 |
| Other income | 1,094.91 | 965.93 | 405.94 |
| Total income | 68,603.64 | 29,508.58 | 19,933.70 |
| Expenses | |||
| Cost of materials consumed | 58,973.24 | 17,988.60 | 12,619.08 |
| Purchases of stock-in-trade | 2,606.66 | 4,592.38 | 4,226.26 |
| Changes In inventories of finished goods, stock-in-trade and work-in-progress | -10,069.01 | 635.95 | -730.81 |
| Other manufacturing and EPC project expenses | 1,652.40 | 717.36 | – |
| Employee benefits expense | 1,237.88 | 569.05 | 480.91 |
| Sales, administration, and other expenses | 4,760.95 | 2,979.94 | 2,083.78 |
| Finance costs | 822.7 | 408.84 | 296.58 |
| Depreciation and amortization expense | 1,641.34 | 432.74 | 285.39 |
| Total expenses | 61,626.16 | 28,324.85 | 19,261.21 |
| Profit / (loss) before exceptional items | 6,977.48 | 1,183.73 | 672.49 |
| Add/(less) : Exceptional items | -205.8 | – | 40.55 |
| Profit before tax | 6,771.68 | 1,183.73 | 713.04 |
| Tax expense | |||
| Current tax | 1,677.07 | 338.95 | 221.95 |
| Tax for earlier years | -2.62 | 0.45 | – |
| Deferred tax | 94.28 | 47.83 | 15.89 |
| Total tax expense | 1,768.73 | 387.23 | 237.85 |
| Profit for the year | 5,002.95 | 796.50 | 475.19 |
| Other comprehensive income | |||
| Items that will not be reclassified to statement of profit or loss | |||
| Re-measurement of the net defined benefit liability / asset | -11.19 | 2.95 | – |
| Income tax effect on above | 2.82 | -0.74 | – |
| Total other comprehensive income | -8.37 | 2.21 | – |
| Total comprehensive income for the year (after tax) | 4,994.58 | 798.71 | 475.19 |
| Net profit/(loss) attributable to : | |||
| Owners of the Company | 4,827.78 | 756.39 | 485.08 |
| Non-controlling interest | 175.17 | 40.11 | -9.88 |
| 5,002.95 | 796.50 | 475.20 | |
| Other comprehensive income attributable to : | |||
| Owners of the Company | -8.41 | 1.93 | 1.17 |
| Non-controlling interest | 0.04 | 0.28 | 0.08 |
| -8.37 | 2.21 | 1.25 | |
| Total comprehensive income attributable to : | |||
| Owners of the Company | 4,819.37 | 758.32 | 486.25 |
| Non-controlling interest | 175.21 | 40.39 | -9.8 |
| 4,994.58 | 798.71 | 476.45 | |
| Earnings per equity share of Rs 10/- each: | |||
| Basic (Rs) | 21.82 | 3.84 | 2.46 |
| Diluted (Rs) | 21.57 | 3.84 | 2.46 |
Waaree Energies Limited Consolidated Cash Flow Statement (In Rs. Millions)
| PARTICULARS | 2023 | 2022 |
| A. Cash flow from operating activities : | ||
| Profit before tax | 6,771.66 | 1,183.76 |
| Add / (Less) : adjustments for | ||
| Depreciation and amortisation | 1,641.34 | 432.74 |
| Interest expense (including interest expense on lease liability) | 579.94 | 307.31 |
| Interest on income tax | 114.48 | 24.59 |
| Interest income | -509.04 | -93.35 |
| Net foreign exchange differences (unrealised) | -17.36 | -4.54 |
| (Gain)/loss on disposal of property, plant and equipment | 11.69 | 0.03 |
| Profit on sale of subsidiary | – | -104.17 |
| Profit on sale of current investment | -66.16 | -5.46 |
| Gain on change in fair value of investment | -4.66 | -0.95 |
| Provision for doubtful debt | 6.74 | – |
| Allowance / (reversal) for credit losses on financial assets | -23.32 | 30.1 |
| Provision for doubtful deposits and other receivable | 2.81 | – |
| Provision for doubtful advances | 42.76 | – |
| Provision for warranty | 286.22 | 136.69 |
| Employee ESOP expenses | 366.81 | – |
| Provision for diminution in investment | 100 | |
| Provision for raw materials | 105.8 | |
| Operating profit before working capital changes | 9,409.71 | 1,906.75 |
| Add / (Less) : adjustments for change in working capital | ||
| (Increase) / decrease in inventory | -21,707.02 | -1,701.64 |
| (Increase) / decrease in trade receivables | -2,145.11 | 214.77 |
| (Increase) / decrease in other financial and security deposits | 49.33 | -864.42 |
| (Increase) / decrease in other current and non-current assets | -5,680.90 | -187.78 |
| Increase / (decrease) in provision | -5.25 | -30.37 |
| Increase / (decrease) in trade payables | 10,730.98 | 1,776.56 |
| Increase/(decrease) in suppliers buyers credit | 5,280.61 | -188.19 |
| Increase / (decrease) in other current financial liabilities | 524.39 | 807.18 |
| Increase / (decrease) in other current and non-current liabilities | 20,149.06 | 5,505.85 |
| Cash generated from operations | 16,605.80 | 7,238.71 |
| Add / (Less) : Direct taxes paid (net of refunds) | -1,003.54 | -259.15 |
| Net Cash Inflow from operating activities | 15,602.26 | 6,979.56 |
| B. Cash flow from investing activities : | ||
| Acquisition of property, plant and equipment and intangible assets (including capital advances given) | -8,654.35 | -4,964.55 |
| Proceeds from sale of property, plant and equipment | 36.53 | 7.85 |
| Loans received back during the year | 23.93 | 322.18 |
| Proceeds from sale of subsidiary | – | 416.14 |
| Proceeds from sale of current investment | 1,091.79 | 306.31 |
| Acquisition of non-controlling interests | -1,486.92 | – |
| Fixed deposits with banks | -13,731.31 | -1,320.54 |
| Purchase of current investment | – | -1,605.71 |
| Interest received | 295.19 | 93.35 |
| Net cash inflow / (outflow) from investing activities | -22,425.14 | -6,744.97 |
| C. Cash flow from financing activities : | ||
| Proceeds / (repayment) of borrowings | -1,508.00 | 1,407.02 |
| Proceeds from issue of equity shares | 10,401.21 | – |
| Equity share issue expenses | -207.61 | – |
| Repayment of lease liabilities | -116.54 | -102.38 |
| Dividend paid | -2.65 | -4.76 |
| Interest paid | -654.71 | -289.27 |
| Net cash inflow / (outflow) from financing activities | 7,911.70 | 1,010.61 |
| Net increase / (decrease) in cash and cash equivalents (A+B+C) | 1,088.83 | 1,245.20 |
| Add: Cash and cash equivalents at the beginning of year | 1,391.86 | 128.2 |
| Add/(less): on acquisition / (cessation) of subsidiary | -0.23 | -1.1 |
| Add/(less): effect of foreign exchange in cash and cash equivalent | 56.06 | 19.56 |
| Cash and cash equivalents at the end of year | 2,536.52 | 1,391.86 |
Let ‘s break down the Cash Flow Statement of Waaree Energies Limited for the years 2023 and 2022, activity-wise:
Cash Flow from Operating Activities:
In 2023, the Cash Flow from Operating Activities witnessed a substantial increase in the operating profit before working capital changes, reaching Rs.9,409.71 million. Changes in working capital included a significant decrease in inventory, a decrease in trade receivables, and an increase in trade payables. The resulting cash generated from operations amounted to Rs.16,605.80 million. After deducting direct taxes paid (net of refunds) of -Rs.1,003.54 million, the Net Cash Inflow from Operating Activities stood at Rs.15,602.26 million. Comparatively, in 2022, the operating profit before working capital changes was Rs.1,906.75 million, with changes in working capital leading to cash generated from operations of Rs.7,238.71 million. Direct taxes paid (net of refunds) amounted to -Rs.259.15 million, resulting in a Net Cash Inflow from Operating Activities of Rs.6,979.56 million.
Cash Flow from Investing Activities:
Cash Flow from Investing Activities in 2023, there was a substantial net cash outflow of -Rs.22,425.14 million. This was primarily driven by significant outflows related to the acquisition of property, plant, and equipment, as well as fixed deposits with banks. In 2022, the net cash outflow from investing activities was -Rs.6,744.97 million, with notable outflows for the acquisition of property, plant, and equipment, and the purchase of current investment. Inflows included proceeds from the sale of property, plant, and equipment, loans received back, and proceeds from the sale of a subsidiary and current investment.
Cash Flow from Financing Activities:
Cash Flow from Financing Activities in 2023, there was a net cash inflow of Rs.7,911.70 million. This was attributed to proceeds from the issue of equity shares amounting to Rs.10,401.21 million. Borrowings were repaid, lease liabilities settled, and dividends paid, contributing to the overall cash flow. In 2022, the net cash inflow from financing activities was Rs.1,010.61 million, driven by proceeds from the issue of equity shares and borrowings. Lease liabilities were repaid, and dividends and interest were paid.
Cash and Cash Equivalents:
The Net Increase/(Decrease) in Cash and Cash Equivalents (A + B + C) for 2023 was Rs.1,088.83 million, slightly lower than the increase in 2022, which was Rs.1,245.20 million. Cash and cash equivalents at the end of 2023 were Rs.2,536.52 million, reflecting an improvement from the beginning of the year. In contrast, in 2022, the ending balance was Rs.1,391.86 million. The positive net cash flow from operating and financing activities contributed to the overall increase in cash and cash equivalents, while investing activities led to a net cash outflow in both years.
Waaree Energies Limited Financial Ratios for the year 2023:
| Particulars | 2023 |
| EBITDA | 816.46 % |
| Net-worth | 360.32 % |
| Debt/Equity Ratio | 0.1 |
| Return on Equity | 0.2369 |
| Total Assets | 258.68 % |
| Fixed Assets | 124.54 % |
| Current Assets | 325.97 % |
| Current Liabilities | 250.96 % |
| Trade Receivables | 298.69 % |
| Trade Payables | 168.90 % |
| Current Ratio | 1.12 |
Let’s break down and analyze each of these financial indicators of Waaree Energies Limited for the year 2023:
EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) Margin: 816.46%
This indicates that the company ‘s EBITDA is 8.1646 times its revenue. A high EBITDA margin is generally positive as it suggests strong operational profitability.
Net Worth to Equity Ratio: 360.32%
This ratio compares the net worth of the company to its equity. A ratio above 100% implies that the company has more net worth than equity, which is generally a healthy sign.
Debt/Equity Ratio: 0.1
A low debt/equity ratio indicates that the company has a low level of debt compared to equity, which is generally considered favorable as it implies lower financial risk.
Return on Equity (ROE): 23.69%
This represents the company ‘s ability to generate profit from its equity. An ROE of 23.69% indicates a decent return on shareholders ‘ equity.
Total Assets to Equity Ratio: 258.68%
This ratio shows the proportion of total assets financed by equity. A ratio above 100% suggests that the company is using debt to finance its assets.
Fixed Assets to Total Assets Ratio: 124.54%
This ratio indicates the proportion of total assets that are fixed. A higher ratio suggests a significant investment in fixed assets.
Current Assets to Total Assets Ratio: 325.97%
This ratio shows the proportion of total assets that are current. A higher ratio indicates a substantial portion of assets is in the form of current assets.
Current Liabilities to Total Assets Ratio: 250.96%
This ratio indicates the proportion of total assets that are financed by current liabilities. A ratio above 100% suggests reliance on short-term liabilities to finance assets.
Trade Receivables to Total Assets Ratio: 298.69%
This ratio shows the proportion of total assets tied up in trade receivables. A higher ratio may indicate a longer cash conversion cycle.
Trade Payables to Total Assets Ratio: 168.90%
This ratio indicates the proportion of total assets financed by trade payables. A higher ratio suggests efficient management of payables.
Current Ratio: 1.12
The current ratio measures a company ‘s ability to cover its short-term liabilities with its short-term assets. A ratio above 1 suggests the company has enough assets to cover its liabilities.
Dividend History of Waaree Energies Limited:
| Particulars | 2023 | 2022 | 2021 |
| Dividend (final + interim) (In Rs.) | – | – | 1 |
