Waaree Energies Tops PVEL's Reliability Benchmark for 3rd Consecutive Year

Waaree Energies Ltd has once again achieved recognition as a top performer in the 2024 Kiwa PVEL PV Module Reliability Scorecard. This marks the third consecutive year that Waaree has received this prestigious recognition.

The company’s consistent performance highlights its strong commitment to quality and excellence in the solar energy industry. Winning this honor for three consecutive years confirms Waaree Energies Ltd as a leader in providing reliable and high-performance solar modules.

This accomplishment underscores the company’s dedication to advancing the solar sector through innovative and dependable products.

What is PVEL’s PQP And Reliability Scorecard?

PVEL’s benchmarking provides developers, financiers, and asset owners with data for informed solar procurement and investments. Their Product Qualification Program (PQP) and annual reliability scorecard assess module quality, performance, and reliability through comprehensive testing.

The program identifies top-performing PV modules based on their performance in six PQP test categories:

• Power degradation

• Wet leakage

• Visual inspection

• Diode failure

• Energy yield simulations

• Additional reliability tests

These rigorous evaluations ensure that only the highest-quality and most reliable modules are recognized.

Waaree's Excellence in Solar Energy Solutions

Waaree Energies has emerged as a global leader in the renewable energy sector. Here are some key highlights:

• Industry Leadership: Waaree Energies Ltd is the largest manufacturer of Solar PV modules in India.

• Capacity: The Company boasts a spectacular aggregate installed capacity of 12 GW as of 30 June 2023. This Capacity is installed at its plants in Chikhli, Surat, Tumb, and Nandigram.

• Consistent Recognition: Achieved top performer status in the Kiwa PVEL PV Module Reliability Scorecard for three consecutive years (2022, 2023, 2024).

• Global Presence: In Fiscal Year 2023, Waaree Energies established itself as a top player in the global solar module export market. They successfully supplied solar modules to more than 20 countries across the globe.

• Accreditations and Certifications: The company holds numerous international certifications. This shows its commitment to quality and reliability in its products.

CEO’s Perspective On This Recognition

Mr. Amit Paithankar, Chief Executive Officer, reflected on the achievement stating, “At Waaree Energies, we strive to achieve quality in our operations and we are honored to be bestowed with this recognition. This acknowledgment reaffirms our commitment to delivering products compliant with industry standards. As India strives towards its net zero goals and energy transition, the quality of solar modules is expected to play a pivotal role.

"Moreover, indigenously manufactured modules of superior quality are expected to position our nation competitively in the global market, bolster self-sufficiency, and drive exports, and economic growth. We are privileged to contribute to this transformative journey by delivering comprehensive solar solutions.” He said.

Waaree Energies IPO

Waaree Energies Limited plans to launch an initial public offering (IPO) of its equity shares. This is pending subject to necessary approvals, market conditions, and other factors. The company has already submitted a draft red herring prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).

Is Waree A Good Buy?

If we look at the financials Waree’s EBITDA has jumped 8X from Rs 118 crore in FY22 to Rs 835 crore in FY23. Their operating profit margin increased from 4.13% in FY 22 to 12.37% last year. This signifies a jump in Waree’s scale of operations and operating efficiency.

They have recently bagged a 412.5 MW Solar Project in Rajasthan and continue to grow in their operations. With the on going growth rate, investing in the current waaree energies ltd share price can be a gainful investment.

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