Note on Waaree Renewable Technologies Ltd

Business The Company has a renewable energy business with a focus on Solar PV, the
primary focus being Solar Pumps, Solar Park, Captive Consumption, Floating
Solar, and Rooftop Solar. It provides floating solar solutions, rooftop solar
solutions and ground-mounted solar project EPC solutions. It has own solar park
as well as EPC. The Company plans to continue its focus on the Commercial &
Industrial (C&I) market segment to sign Power Purchase Agreements with
companies of high credit rating and to install Solar PV plants on rooftops as well
as ground-mounted to offer operation and maintenance services to existing as
well as new clients.
The Company is working towards advancing the international foray and
increasing the portfolio for Operations & Maintenance.
Clients Aditya Birla Group, Bharat Petroleum, Cello, Larsen and Toubro, Mumbai Metro
MMRDA, Mondelez International, NTPC, and Reliance Industries Limited, MSL, etc
Order Book 565cr
Market Cap 981
(Crs)
CMP 471
P/E 39
TTM EPS 12
TTM Sales 338
TTM EBITDA 42
TTM NP 25
ROCE 26%
ROE 37%
Sales Growth 567%
Profit Growth 3233%
Revenue
Breakup
EBITDA
Breakup

Cash flow -12.28 (Negative)

from
Operation
Capital Negligible
Expenditure
Trade 93cr
receivables
Loans/ 38cr
Advances
Promoters 74.51%
Shareholding
Order Book 565cr
Profit & Loss Particulars Mar-18 Mar-19 Mar-20 Mar-21 Mar-22 TTM
Account Sales - 2 7 6 13 162 338
Sales Growth % 247% -19% 129% 1144%
Expenses - 2 4 5 6 138 295
Manufacturing Cost
% 0% 1% 1% 30% 80%
Employee Cost % 54% 23% 20% 6% 4%
Other Cost % 21% 31% 63% 10% 2%
Operating Profit 0 3 1 7 24
OPM % 25% 45% 15% 54% 15% 13%
Other Income - 0 1 1 2 8
Exceptional items 0 0.08 -0.5 0.04 0.28
Other income
normal 0 0.47 1.69 2.4 8.04
Interest 0 2 3 4 7
Depreciation 0 1 1 2 4
Profit before tax 0 1 -3 3 21
Tax % 79% 334% -26% 170% 58%
Net Profit 0 -2 -3 -2 9
EPS in Rs 0.09 -1.91 -1.53 -1.14 4.27 12.06
Balance Sheet Liabilities Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Share Capital - 10 10 21 21 21
Equity Capital 10.01 10.01 20.81 20.81 20.81
 Reserves 0 -1 5 1 9
Borrowings - 0 37 40 117 42
Long term Borrowings 0 36.95 36.67 114.29 32.99
Short term Borrowings 0.25 0 3.1 2.83 8.85
Other Borrowings 0 0 0 -0.01 0
Other Liabilities - 5 48 56 62 96
Non controlling int 0 30 31 32 0
Trade Payables 0 0 7 6 58
Advance from
Customers 0 0 0 1 9
Other liability items 5 18 19 24 29
Total Liabilities 16 95 122 202 168
Fixed Assets - 4 32 30 155 73
Land 0 0 5.6 5.6 5.6
Building 0 0.43 0.43 5.06 0
Equipments 0.01 0.01 0.01 0.01 0.01
Computers 0.05 0.04 0.06 0.06 0.14
Furniture n fittings 0 0 0 144.79 69.73
Intangible Assets 0 0.69 0.7 0.7 0.01
Other fixed assets 3.68 31.5 25.29 1.75 2.38
Gross Block 3.74 32.67 32.09 157.97 77.87
Accumulated
Depreciation 0.04 0.78 1.6 3.29 4.71
CWIP 4 3 41 2 1
Investments 0 0 0 30 1
Other Assets - 8 59 50 16 93
Inventories 0 0 0 0 2
Trade receivables 0 4 1 6 47
Cash Equivalents 7 7 37 6 42
Loans n Advances 0 1 7 2 2
Other asset items 0 47 5 1 0
Total Assets 16 95 122 202 168
Cashflow Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Statement Cash from Operating
Activity - 0 -7 51 -2 43
Profit from operations 0 34 3 7 25
Receivables 0 -4 3 -3 -42
Inventory 0 0 0 0 -1
Payables 0 0 7 -1 55
Other WC items 0 -37 39 -5 10
Working capital changes 0 -41 49 -9 22
Direct taxes 0 0 0 0 -4
Cash from Investing Activity
- 0 -28 -38 -105 9
Fixed assets purchased 0 -28.04 -1.96 -125.88 -6.5
Capital WIP 0 0 -37.83 39.66 0
Investments purchased 0 0 0 -30.04 -1.35
 Investments sold 0 0 0.13 0 0
Interest received 0 0.47 1.5 2.26 0.53
Redemp n Canc of Shares 0 0 0 0 41.6
Other investing items 0 0 0 9.45 -24.86
Cash from Financing
Activity - 0 35 14 81 -40
Proceeds from shares 0 0 19.98 0 0
Proceeds from borrowings 0 36.7 2.82 85.02 0
Repayment of borrowings 0 0 -4.95 0 -32.01
Interest paid fin 0 -2.15 -3.48 -4.34 -6.94
Dividends paid 0 0 0 0 -1.04
Net Cash Flow 0 0 27 -26 12
Ratios Particulars Mar-18 Mar-19 Mar-20 Mar-21 Mar-22
Operational Ratios -
Quick Ratio - 1.45 0.83 1.82 1.79 1.01
Liquid Assets (Crs) 7.78 12.58 45.03 43.99 91.47
Current Liabilities (Crs) 5.35 15.1 24.75 24.62 90.56
Current Ratio - 1.45 0.83 1.82 1.81 1.03
Current Assets (Crs) 7.78 12.58 45.03 44.44 93.15
Current Liabilities (Crs) 5.35 15.1 24.75 24.62 90.56
Interest Coverage Ratio
- 5.6 1.38 0.28 1.78 4.06
EBIT (Crs) 0.47 2.97 0.96 7.74 28.15
Interest Expenses (Crs) 0.08 2.15 3.48 4.34 6.94
Asset Turnover Ratio - 0.08 0.07 0.05 0.06 0.96
Net Sales (Crs) 1.3 7.04 5.68 12.98 162
Total Assets 15.97 94.73 122 202 168
Cash Conversion Cycle - 89.8 111 -201 -494 -28.32
Inventory Days 0 0 0 12.85 2.42
Days Receivable 114 117 176 106 59.55
Days Payable 24.32 6.17 377 612 90.29
Debt to Equity Ratio - 0.02 3.96 1.53 5.26 1.4
Total Debt (Crs) 0.25 36.95 39.77 117 41.84
Shareholders Equity
(Crs) 10.25 9.33 25.95 22.28 29.9
Free Cash Flow/Sales
(%) - 0 -495 860 -988 22.32
Free Cash Flow(est)
(Crs) 0 -34.84 48.89 -128 36.05
Net Sales (Crs) 1.3 7.04 5.68 12.98 162
Profitability Ratios -
Op Profit Margin (%) - 38.9 52.89 36.37 72.65 19.71
Operating Profit (Crs) 0.51 3.72 2.07 9.43 31.83
Net Sales (Crs) 1.3 7.04 5.68 12.98 162
Net Profit Margin (%) - 7.06 -26.5 -55.9 -28.89 5.33
Net Profit (Crs) 0.09 -1.87 -3.18 -3.75 8.6
Net Sales (Crs) 1.3 7.04 5.68 12.98 162
ROCE (%) + 4.43 3.74 0.99 4.35 36.46
Return on Assets (%) - 0.58 -1.97 -2.61 -1.85 5.13
Net Profit (Crs) 0.09 -1.87 -3.18 -3.75 8.6
Total Assets (Crs) 15.97 94.73 122 202 168
ROIC (%) - -1.9 -22.09 -1.67 -2.17 24.11
Op Profit after Taxes
(Crs) -0.06 -5.66 -0.92 -3.69 8.31
Invested Capital (Crs) 3.28 25.63 55.21 170 34.47
ROE (%) - 0.9 -19.98 -12.24 -16.83 28.77
Net Profit Margin (%) 7.06 -26.5 -55.9 -28.89 5.33
Asset Turnover ratio 0.08 0.07 0.05 0.06 0.96
Equity Multiplier 1.56 10.15 4.69 9.08 5.61
Adjusted EPS 0.09 -1.91 -1.53 -1.8 4.13
Valuation Ratios -
P/E 317 0 0 0 68.69
Price to Book 2.84 2.14 0.87 4.63 19.77
EV/EBITDA 43.85 13.31 12.44 22.72 18.56
Dividend Yield (%) 0 0 0 0 0.35