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

Annual Report

October 19, 2024