Waaree Energies Annual Report | Balance Sheet

Waaree Energies Limited (Waree Energies) Return Comparision with Primex 40 Index

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Waaree Energies Limited

Waaree Energies Limited Balance Sheet (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Non-current assets
Property, plant and equipment	11,493.50	9,912.16
Capital work-in-progress	13,412.90	5,370.43
Right of use assets	2,870.32	1,001.90
Investment property	3.48	3.48
Other intangible assets	67.75	71.69
Intangible assets under development	1.48	1.47
Goodwill on consolidation	63.43	63.43
Security deposit	231.11	98.98
Other financial assets	908.76	1,574.07
Deferred tax assets	832.07	142.77
Income tax assets (net)	0.94	0.7
Other non-current assets	3,120.72	1,128.71
Current assets
Inventories	25,855.31	27,088.67
Current investments	711.48	310.59
Trade receivables	9,713.89	3,126.13
Cash and cash equivalents	1,213.85	2,536.53
Bank balances other than cash and cash equivalents above	36,577.84	14,827.64
Loans	246.56	136.67
Other financial assets	763.79	534.91
Other current assets	5,043.40	6,200.30
Assets held for Sales	4.69	67.97
Total Assets	1,13,137.27	74,199.20
Equity
Equity share capital	2,629.62	2,433.66
Other equity	38,248.50	15,950.44
Non controlling interest	606.76	234.44
Non-current liabilities
Borrowings	1,025.97	1,458.27
Lease liabilities	2,074.72	380.5
Other financial liabilities	513.33	-
Long-term provisions	1,081.01	692.62
Deferred tax liabilities (net)	371.03	479.44
Other non-current liabilities	12,354.93	3,277.47
Current liabilities
Borrowings	2,147.22	1,276.53
Lease Liabilities	285.85	87.42
Trade payables
Total outstanding dues of micro enterprises and small enterprises	966.86	657.13
Total outstanding dues of creditors other than micro enterprises and small enterprises	13,785.42	13,659.11
Supplier 's / Letter of credit - Acceptances	5,385.90	5,857.80
Other financial liabilities	5,093.07	2,986.64
Provisions	2,245.10	278.97
Other current liabilities	21,423.74	23,634.71
Current tax liabilities (net)	2,898.24	854.05
Total equity and liabilities	1,13,137.27	74,199.20

Waaree Energies Limited Profit & Loss Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Income
Revenue from operations	1,13,976.09	67,508.73
Other income	2,351.54	1,094.91
Total income	1,16,327.63	68,603.64
Expenses
Cost of materials consumed	83,564.85	58,973.24
Purchases of stock-in-trade	9,653.07	2,606.66
Changes In inventories of finished goods, stock-in-trade and work-in-progress	-5,619.86	-10,069.01
Other manufacturing and Engineering, Procurement and construction project expenses	2,540.47	1,652.58
Employee benefits expense	1,771.53	1,237.88
Sales, administration, and other expenses	6,321.80	4,760.95
Finance costs	1,399.08	822.7
Depreciation and amortisation expense	2,768.10	1,641.34
Total expenses	1,02,399.04	61,626.34
Profit before exceptional items & tax	13,928.59	6,977.30
Add: Exceptional items	3,413.42	-205.8
Profit before tax	17,342.01	6,771.50
Current tax	5,394.73	1,677.07
Tax for earlier years	-0.01	-2.62
Deferred tax	-796.48	94.28
Profit for the year	12,743.77	5,002.77
Other comprehensive income
Items that will be reclassified to statement of profit or loss in subsequent periods
Foreign Currency translation reserve (FCTR)	-0.22	0.2
Income tax effect on above	-	-0.05
Items that will not be reclassified to statement of profit or loss in subsequent periods
Remeasurement of the net defined benefit liability / asset	-7.81	-11.19
Income tax effect on above	1.97	2.82
Total other comprehensive income	-6.06	-8.22
Total comprehensive income for the year (after tax)	12,737.71	4,994.55
Net profit/(loss) attributable to :
Owners of the parent company	12,371.76	4,827.60
Non-controlling interest	372.01	175.17
Other comprehensive income attributable to :	12,743.77	5,002.77
Owners of the parent company	-5.65	-8.26
Non-controlling interest	-0.41	0.04
Total comprehensive income attributable to :	-6.06	-8.22
Owners of the parent company	12,366.11	4,819.34
Non-controlling interest	371.6	175.21
Earnings per equity share of Rs. 10/- each :	12,737.71	4,994.55
Basic	48.05	21.82
Diluted	47.86	21.57

Waaree Energies Limited Consolidated Cash Flow Statement (Rs in Millions)

Particulars	31-03-2024	31-03-2023
Cash flow from operating activities:
Profit before tax	17,342.01	6,771.50
Add/(Less): adjustments for
Depreciation and amortisation expenses	2,768.10	1,641.34
Interest expense (including interest expense on lease liability)	933.37	579.94
Interest on income tax	306.76	114.48
Interest income	-1,500.82	-509.04
Interest received on financial assets carried at amortised cost	-5.03	-
Net foreign exchange differences (unrealised)	87.25	-17.35
Loss on disposal of property, plant and equipment	3.87	11.69
Gain on disposal of current investment	-312.54	-66.16
Gain on change in fair value of investment	-10.9	-4.66
Provision for doubtful debt	-6.17	6.74
Provision for doubtful deposits and other receivables	-	2.81
Provision for doubtful advances	50.34	42.76
Loss on impairment of non current assets held for sale	24.82	-
Employee ESOP expenses (netting of lapsed)	98.29	366.81
Provision for warranty	543.66	286.22
Allowance for credit losses on financial assets	162.27	-23.32
Provision for Diminution investment	-	100
Provision for raw materials	-	105.8
Operating profit before working capital changes	20,485.28	9,409.56
Add/(Less) : adjustments for change in working capital
Decrease /(increase) in inventories	1,233.36	-21,707.02
(Increase) in trade receivables	-6,695.70	-2,145.09
Decrease in other current financial assets	40.99	49.33
Decrease /(increase) in other current assets &non current assets	1,075.63	-5,680.75
(Increase) in security deposits	-127.1	-
Decrease/(increase) in provision	1,797.32	-5.25
Increase / (decrease) in trade payables	484.58	10,730.98
(Decrease) / increase in suppliers buyers credit	-549.16	5,280.61
Increase in other current and non current financial liabilities	1,789.31	524.39
Increase in other current and non current liabilities	6,866.49	20,149.06
Cash generated from operations	26,401.00	16,605.82
(Less) : Direct taxes paid (net of refunds)	-3,350.79	-1,003.54
Net Cash Inflow from operating activities	23,050.21	15,602.28
Cash flow from investing activities :
Acquisition of property, plant and equipment and intangible assets (including capital advances given)	-13,423.36	-8,654.36
Proceeds from sale of property, plant and equipment	49.86	36.53
Loan granted	-109.9	-244.67
Loans received back	-	268.6
Fixed deposits opened	-60,271.47	-36,446.27
Fixed deposits matured	39,181.14	22,714.96
Purchase of current investment	-19,134.04	-
Proceeds from sale of current investment	19,056.59	1,091.79
Interest received	1,248.66	295.19
Net cash (outflow) from investing activities	-33,402.52	-20,938.23
Cash flow from financing activities :
Repayment of borrowings	-7,377.12	-1,671.95
Proceeds from borrowings	7,793.49	163.95
Proceeds from issue of equity share	10,044.26	10,401.21
Acquisition of non controlling interest	-0.57	-1,486.92
Equity share issue expenses	-9.6	-207.61
Repayment of lease liabilities	-146.24	-81.43
Dividend paid	-5.32	-2.65
Interest paid	-1,171.48	-654.7
Interest paid on lease liability	-35.6	-35.12
Net cash Inflow from financing activities	9,091.82	6,424.78
Net Increase in cash and cash equivalents	-1,260.49	1,088.84
Add: Cash and cash equivalents at the beginning of the year	2,536.53	1391.86
Add/(less): on acqusition/(cessation) of subsidiary	-	-0.23
Less: Effect of foreign exchange in cash and cash equivalent	-62.19	56.06
Cash and cash equivalents at the end of the year	1213.85	2,536.53

Here is a summary of the Cash Flow Statement for the years 2024 and 2023:

Cash Flow from Operating Activities

In the year ending March 31, 2024, the company generated a net cash inflow of ₹23,050.21 million from its operations, an improvement from ₹15,602.28 million in the previous year. This increase was driven primarily by a significant rise in profit before tax, which grew from ₹6,771.50 million in 2023 to ₹17,342.01 million in 2024. Additional adjustments, such as higher depreciation, interest expenses, and provisions for warranty and credit losses, further bolstered the operating cash flow.

The working capital adjustments also played a crucial role. The decrease in inventories in 2024, compared to a significant increase in 2023, improved liquidity. Trade receivables increased substantially, causing a cash outflow, but this was offset by a large increase in other liabilities, which provided additional cash inflow. Despite these changes, the company paid more taxes, ₹3,350.79 million in 2024 compared to ₹1,003.54 million in 2023, reflecting its higher profitability.

Cash Flow from Investing Activities

Investing activities resulted in a net cash outflow of ₹33,402.52 million in 2024, compared to ₹20,938.23 million in 2023. The company made significant investments in acquiring property, plant, and equipment (PPE), with an outlay of ₹13,423.36 million in 2024, up from ₹8,654.36 million the previous year. Moreover, substantial investments were made in fixed deposits, leading to cash outflows of ₹60,271.47 million, although this was partly offset by the maturation of deposits, providing inflows of ₹39,181.14 million. Proceeds from the sale of investments and interest income helped reduce the net outflow, but overall, the company continued to invest heavily in its growth and asset base.

Cash Flow from Financing Activities

The financing activities resulted in a net cash inflow of ₹9,091.82 million in 2024, up from ₹6,424.78 million in 2023. The inflow was driven by the issuance of equity shares, which generated ₹10,044.26 million. Borrowings increased, as proceeds from borrowings exceeded repayments, providing additional cash inflows. However, the company also incurred interest expenses and lease liabilities, along with modest dividend payments, which slightly reduced the overall financing inflows.

Net Changes in Cash and Cash Equivalents

The combined impact of operating, investing, and financing activities led to a net decrease in cash and cash equivalents by ₹1,260.49 million in 2024, compared to an increase of ₹1,088.84 million in 2023. After adjusting for the beginning cash balance and foreign exchange effects, the company ended the year with ₹1,213.85 million in cash and cash equivalents, down from ₹2,536.53 million at the start of the year.