Waaree Renewable Technologies Ltd. Investor Presentation Q1 FY25 PDF

Execution with Pace & Comfort July 30, 2024 The Manager BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001 Scrip No. 534618 Sub.: Investors / Earnings Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir /...

Execution with Pace & Comfort July 30, 2024 The Manager BSE Limited, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai-400001 Scrip No. 534618 Sub.: Investors / Earnings Presentation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Dear Sir / Madam, With reference to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed the Investors/ Earnings Presentation for the Quarter ended June 30, 2024. The Company will use this presentation for any meeting scheduled with analysts or institutional investors. The above information will also be available on the website of the Company at www.waareertl.com Request to kindly take this intimation on record. Thanking you, Yours faithfully, For Waaree Renewable Technologies Limited HEEMA Digitally signed by HEEMA KALPESHKU KALPESHKUMAR Date: 2024.07.30 SHAH MAR SHAH 21:49:47 +05'30' Heema Shah Company Secretary ACS52919 Email Id: [email protected] Waaree Renewable Technologies Limited (A subsidiary of Waaree Energies Limited) 504, Western Edge-1, Off. Western Express Highway, Tel.: +91 22 6644 4444 CIN : 93000MH1999PLC120470 Borivali (E), Mumbai 400 066. Maharashtra INDIA E : [email protected] GST: 27AADCS 1824J2ZB W : www.waareertl.com Investor Presentation | Q1 FY25 Safe Harbor This presentation and the accompanying slides (the “Presentation”), which have been prepared by Waaree Renewable Technologies Limited (the “Company’), have been prepared solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities, and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company. This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded. 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 economies of various international markets, the performance of the industry in India and world-wide, competition, the Company’s ability to successfully implement its strategy, the Company's future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cashflows, the Company's market preferences and its exposure to market risks, as well as other risks. The Company's actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections. All Maps used in the Presentation are not to scale. All data, information and maps are provided "as is" without warranty or any representation of accuracy, timeliness or completeness. 2 Group Overview Vertically Integrated with Global Operations 12 GW Module 6 GW+ 32 Years of Capacity & 5.4 GW Modules Supplied Industry Experience Cell Capacity by FY25 Globally TIER 1 Solar Module #1 Indian Module Products Exported in Manufacturer Manufacturer* 68+ Countries 10,000+ Projects in 1.5+ GW Projects Energy Storage Pumps, Telecom Commissioned Solutions & Rooftop Authorised Sale 22% CAGR 7,000+ Employees points & Franchises YOY Growth Globally 1,400+ in India 4 Technologically Advanced End To End Solar Solutions Module Mounting Solar Modules EPC Services Structures Rooftop Solutions Floating Solar On Grid Inverters Energy Storage Off Grid Inverters Lithium-Ion Batteries Solutions Solar Products, Water Solar Thermal Solutions Solar Partners Pump & Streetlights 5 Marquee Clients 6 Company Overview Unique Propositions CUSTOMER CONNECT NETWORK QUALITY CERTIFICATION INNOVATION Strong Customer base of Strong & Proven Network with ISO 9001:2015 certificate Consistent Introduction of new respected industrial all stakeholders/authorities with received for Quality technologies & Innovative House/Companies more than a decade of Management System products & Solutions experience (QMS) MARKET ACCEPTANCE ON GROUND TRACK RECORD IN HOUSE TEAM Proven Name & Quality at Large Installations with Long (300+ Manpower) Competitive rate in national & Proven On-Ground Experienced & Strong Team with and international markets Performance Proven Performance in Solar 8  EPC Accomplishments 01 02 03 04 05 50+ MW 2,191 MWp 1.9+ GW 217+ MW 500+ MW ( More Than 400 Project ) Project site under Execution (More Than 50 Projects) Ground EPC projects executed in O&M Portfolio of solar Roof Top Mounted Mounted in INDIA and Q1 FY25 power plant assets International Locations 06 07 08 09 600+ KW 2.29+ MW 50+ MW R&D Team (1 Project) With New (2 Floating Solar (10,000+ Projects) In House R&D team Technology of Battery Projects) Franchisee Project for New Technology Storage Development Note: Includes some of the projects from Waaree Energies 9 Our Growth Strategy Achieve higher growth in the EPC segment Expand in O&M markets Evaluating opportunities in both The size of the O&M market is expected to international and domestic markets to grow as more solar capacities are added secure more EPC contracts Evaluating third-party O&M Participating in government and private opportunities in international & bidding process domestic markets through both organic and inorganic methods Ecosystem of renewable energy from Enhance value to customers by offering module to storage helps win clients differentiating O&M services, such as drone thermography, strong analytics and predictions, underground cable fault finder etc 10 Board of Directors Mr. Nilesh Bhogilal Gandhi Mr. Pujan Pankaj Doshi Mr. Hitesh Pranjivan Mehta Mr. Viren Chimanlal Doshi Chairman & Non-Executive Independent Director Managing Director Executive Director Executive Director He holds a Bachelor's degree in Commerce, an LLB, and an He holds a BE in Instrumentation from Mumbai University. He He holds a Bachelor's degree in Commerce from the University of He has been associated with our company since November 26, FCA. He has over 30 years of experience in finance, power, and has over 10 years of experience in corporate strategy, business Bombay and is a member of the Institute of Chartered Accountants 2007, and currently, he is responsible for overseeing the renewables and has previously been associated with planning, and establishing new strategic partnerships with of India. He has been associated with our company, Waaree engineering, procurement, and construction of the solar companies such as Waacox Energy Pvt Ltd, Unid Finance foreign entities Group, as a director since April 1, 2011. He is responsible for projects of our company, its subsidiaries, and other companies Consultancy Pvt Ltd, Rational Engineers Limited, and Jetking leading our company's short and long-term strategy, setting within the group. With over 14 years of experience in the Infotrain Limited, among others strategic goals and overseeing overall operations. He has a proven engineering industry, he has a wealth of knowledge and track record of over 22 years in the field of engineering, solar and expertise in the field oil industries. He was previously associated with Waaree Instruments Limited as a Director Mr. Sunil Rathi Mr. Mitul Chandulal Mehta Ms. Ambika Sharma Additional Director, Non-Executive, Non-Executive Independent Director Non-Executive Independent Director Non-Independent Director He holds a BE in Electronics and an MBA in Marketing from ITM, He holds a Bachelor's degree in Commerce from Mumbai She is a global business strategist with 37 years of experience in Mumbai. He has over 30 years of experience in sales and University. He has 25 years of experience in production and is public affairs and international relations at India’s apex industry marketing and has previously been associated with companies currently working as a director at ITEC Measures Pvt Ltd body and a bilateral international organization. She holds a such as Vikram Solar Pvt Ltd, Waaree Energies Ltd, Powernetics Bachelor's in Economics and a Master’s in Business Economics from Equipment, Control Paint Ltd, and Aplab Ltd Delhi University, graduating summa cum laude with a gold medal. She has attended management programs by the EU and XLRI, Jamshedpur. 11 Key Managerial Personnel Mr. Ravikesh Singh Mr. Dilip Panjwani Ms. Heema Shah Chief Operating Officer-EPC Chief Financial Officer Company Secretary & Compliance Officer He holds a B. Tech in Electrical Engg & Post He is a qualified financial professional holding She holds a Bachelor's degree in Commerce Graduate Diploma in Business Management. both CA and CS credentials. He has a proven and LLB from Mumbai University and is a He has over 20 years of experience in power track record in Financial Planning & Analysis Company Secretary from ICSI. She has over 11 projects and has previously been associated (FP&A), Financial Management, and Finance years of experience in corporate compliance with companies such as CleanMax Enviro Transformation. His expertise lies in and governance. She was previously Energy Solutions Pvt Limited, Cable optimizing Profit & Loss (P&L) performance associated with the Pittie group and Reliance Corporation of India Limited, RattanIndia and establishing a robust Financial Organic (Indiabulls) Power Limited, Adani Power Ltd, Governance Framework. ABB Ltd, Reliance Energy Ltd. 12 Strong Progress Towards Sustainability Ambitions Sustainability Roadmap Operation & Maintenance Expand the O&M portfolio in order to ensure the efficient functioning of our assets. Order Execution Cutting-edge R&D Refined management Establishing strong technical processes to execute projects knowhow by building cutting on time or ahead of schedule edge Research & Development International Presence Supply Chain Resilience Explore more opportunities in Ensure a reliable and stable international projects & global solar supply of raw materials storage business development 14 Key Order Wins Engineering, Procurement and Construction (EPC) works of a solar power project o 30.0 MWp Ground Mounted solar power project (Order won in Q2FY25) o 26.4 MWp Ground Mounted solar power project (Order won in Q1FY25) o 700 KWp Rooftop solar power project (Order won in Q1FY25) o 1.090 MWp Floating solar power project (Order won in Q1FY25) o 450 MWp Ground Mounted solar power project (Order won in Q4FY24) o 412 MWp Ground Mounted solar power project (Order won in Q4FY24) o 4 MWp Ground Mounted solar power project (Order won in Q4FY24) o 70 MWp Ground Mounted solar power project (Order won in Q3FY24) Green Hydrogen Project o Won a contract to set up 1 MWp Green hydrogen Plant integrated with ecosystem on BOB basis IPP contract details o The company has developed 39.98 MWp solar power generating assets 15 Advanced Operation & Maintenance Our O&M Advantage o Over 587+ MWp O&M Portfolio of solar power plant assets o Achieved 99%+ of plant available time and 80%+ of PR for the asset under management o Leveraging tech-based data analytics, technical audits, consulting and R&D to improve overall plant efficiency. o Providing end to end solutions for all kinds of solar plants to reduce breakdown and maximize generation. o Adopting advance technologies to increase plant reliability. o Plant remote Monitoring to observe plant real time data and immediate response if any breakdown results to achieve maximum up time Total O&M Capacity of 500+ MWp 16 Key Ongoing Projects 295.68MWp Ground Mounted project at 210 MWp Ground Mounted project at Kurnool, Andhra Pradesh Khandwa 6.5MWp Ground Mounted Project at 70MWp Ground Mounted project at 150MWp Ground Mounted project at Raigarh, Chhattisgarh Jalna Ratlam, Madhya Pradesh 154MWp Ground Mounted project at 1.090 MWp Floating Solar power project at Thoothukudi, Tamil Nadu Gujarat 412 MWp at Bikaner, Rajasthan 980 MWp at Kurnool, Andhra Pradesh 4.2 MWp Ground Mounted project at 100 MWp at Jamnagar, Gujarat Rajasthan 17 Performance Highlights Q1FY25 Solid Performance in Q1FY25 (Consolidated) Revenues EBITDA PAT Rs. 236.35 Crs +83.31% Rs. 41.08 Crs +206.60% Rs. 28.16 Crs +208.51% YoY change YoY change YoY change Unexecuted Order Book Successfully executed orders of Revenue from O&M 2,191 MWp 217+ MWp Rs. 2.50 Crs Note: Consolidated numbers are on restated basis due to merger effect 19  Key Financial Highlights (Consolidated) (₹ in Cr) Revenue EBITDA & EBITDA Margin PAT & PAT Margin 10.39% 17.38% 7.08% 11.91% +206.60% +208.51% 83.31% 236.35 41.08 28.16 128.94 13.40 9.13 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Q1FY24 Q1FY25 Revenue EBITDA & EBITDA Margin PAT & PAT Margin 23.86% 23.64% 20.44% 16.57% +149.74% +147.40% +102.40% 876.50 207.18 145.22 71.75 350.96 83.75 FY23 FY24 FY23 FY24 FY23 FY24 Note: Consolidated numbers are on restated basis due to merger effect *Excluding Other Income 20 Consolidated Income Statement Particulars (₹ Crs) Q1FY25 Q1FY24 Y-o-Y Q4 FY24 Q-o-Q FY24 FY23 Y-o-Y Revenue from Operations 236.35 128.94 273.31 876.50 350.96 Total Revenue 236.35 128.94 83.31% 273.31 -13.52% 876.50 350.96 149.74% Cost of EPC contract 185.45 111.41 190.04 644.90 252.96 Employee Expenses 6.59 3.15 4.97 17.30 9.78 Other Expenses 3.24 0.97 3.01 7.12 4.47 EBITDA 41.08 13.40 206.60% 75.29 -45.44% 207.18 83.75 147.40% EBITDA Margin (%) 17.38% 10.39% 27.55% 23.64% 23.86% Other Income 2.76 0.75 2.05 4.15 1.53 Depreciation 1.54 0.99 1.72 6.12 2.68 Finance Cost 3.03 0.72 3.54 6.77 5.30 Profit before Tax 39.27 12.43 215.85% 72.08 -45.51% 198.45 77.29 157.69% Profit before Tax(%) 16.62% 9.64% 26.37% 22.64% 22.02% Tax 11.11 3.31 20.76 53.24 5.54 Profit After Tax 28.16 9.13 208.51% 51.31 -45.12% 145.22 71.75 162.45% PAT Margin (%) 11.91% 7.08% 18.78% 16.57% 20.44% EPS (As per Profit after Tax) 2.72 0.88 4.93 13.95 6.90 Note: Consolidated numbers are on restated basis due to merger effect 21 Consolidated Balance Sheet Particulars (₹ Cr) FY24 FY23 Shareholders' Funds 246.30 102.10 Non-Current Liabilities 48.78 43.42 Current Liabilities 419.23 138.11 Total Liabilities 714.32 283.63 Fixed Assets 159.93 155.44 Other Non- Current Assets 4.05 0.64 Current Assets 550.34 127.55 Total Assets 714.32 283.63 Note: Consolidated numbers are on restated basis due to merger effect 22 Consolidated Cash Flow Particulars (₹ Cr) FY24 FY23 Net Cash Inflow / (Outflow) from Operating Activities 127.91 65.15 Cash Flow from Investing Activities -114.39 -65.96 Cash Flow from Financing Activities -7.18 -9.20 Net increase/ (decrease) in Cash & Cash equivalent 6.34 -10.01 Cash and cash equivalents as at 1st April 3.26 13.27 Cash and cash equivalents as at 31st March 9.59 3.26 Note: Consolidated numbers are on restated basis due to merger effect 23 For further information, please contact: Company : Investor Relations Advisors : Waaree Renewable Technologies Ltd. Orient Capital (a division of Link Group) Thank You CIN: L93000MH1999PLC120470 Mr. Nikunj Jain +91 9769060608 Mr. Rohit Wade [email protected] GM – Investor Relations Mr. Viral Sanklecha +91 9987123158 [email protected] [email protected] www.waareertl.com www.orientcap.com