'We aim to reach Rs 3k crore next financial year'

'We aim to reach Rs 3k crore next financial year'

'We aim to reach Rs 3k crore next financial year'

Started in 2007, Waaree Energies, is the flagship company of Mumbai based Waaree Group. It has India’s largest solar PV module manufacturing capacity of 500 MW’S at its plant near Surat, Gujrat. Waaree Energies is amongst the top players in India in providing EPC services, Project development, rooftop solutions, solar water pumps and also as an Independent Power Producer.

Waaree has its presence in over 20 locations nationally and 68 countries internationally. Recently, it has supplied a 50 MW module, which is standing in Wilson and has gone to the NTBC project, which is one of the largest projects in India. It is in the process of commissioning another project, which will begin in Andhra Pradesh.

In a telephonic interaction with Umesh M Avvannavar of Deccan Herald, Waaree Energies Director (Sales & Marketing) Sunil Rathi shares the company’s expansion plan.

Excerpts of the interview:

Since the company is not that well-known in India, what is your marketing strategy?

Our company may not be that well known in the non-solar sector. But, if you look at anybody who deals in solar business anywhere in India, they definitely know Waaree.
We are number 1 solar brand in PV (Photovoltaic) module manufacturing and have been in the industry for a long time. We aim to expand our business further with time and constant innovation.

What is your target segment in the country?

Our target is anyone and everyone who is involved with the solar industry. We cater to Mega Watt size projects like 50 MW and plus. Our customer base is from Kanyakumari to Kashmir and Mumbai to West Bengal, so we have our presence everywhere in India. We have 16 offices with strength of 70 people, and about 500 plus dealer’s network.

How much sales revenue are you targeting for this year?

Our year on year growth has been phenomenal since last six years and now, we have a manufacturing plant of 500 MW, which we are expanding to 1GW in the next financial year. In terms of numbers, our turnover this year crossed Rs 2,000 crore. We are aiming to reach Rs 3,000 crore in the next financial year. Till date we have man power close to 1,100 people and growing.

How much revenue the company is generating from exports?

We typically have a 60 to 70% share from the Indian market and 30% is from export.
Tell us about your expansion plans in other countries.
We have recently supplied 10 MW to the UK. We are also dealing with Spain and Italy. We have recently initiated business in US and Japan. Furthermore, in Australia and some African countries, we have a large market and are starting to
gain momentum over there.

Are you looking at setting up any new production facilities in India, apart from solar? What are your future plans?  

Not location wise, since we want to stay in this area for management prospective. The next expansion will most probably be in our present area of expertise.
We have started going in that direction and have begun production of new lines by Q1 in India and before July, we are expecting 800 megawatts, plus going by the factoring capacity, before Q2 of next financial year, i.e., before October, we should be crossing 1 GW.

What are your views on the various initiatives taken by the current Government in this sector? What kind of future do you foresee for this industry?

I think the initiatives taken by the Government of India are a wonderful example of their support to this industry. We have witnessed a lot of movement and growth in the solar sector over the past few years and its various segments like Grid-Tied and Solar-on-Tile power system. The areas where these systems have been implemented have seen an increased in numbers. Even the public interest and awareness towards solar industry is admirable. Earlier, only the Government had subsidies to provide to the general public. However, now the common man/woman is looking into this sector and want to contribute their involvement for the same, which is quite a big movement for this industry.

Since there is little awareness about the solar sector in India, what kind of challenges have you faced regarding the same?

I think people are slowly realising the importance of solar energy and solar power enabled service. The main challenge in this sector is awareness. However, the Government and the general public have recognized the significance of the solar industry and are now assisting in the growth and development of this sector. We still need to create more awareness on the reliability and advantages of solar power in order to make it more successful across India.

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