waaree technologies ltd share price Management discussions


The operating and financial review pertains to the managements perspective on the financial condition as well as the operating performance of the Company for the FY2022-23. The following discussion of the Companys financial performance result and operating results should be read in conjunction with the Companys Financial Statements and Notes thereto and other information included elsewhere in the Annual Report. The Companys

Financial Statements were prepared in compliance with the requirements of the Companies Act, 2013.


Battery technology has witnessed remarkable progress, resulting in improved energy density, longer lifespans, faster charging capabilities, and reduced costs. Lithium-ion batteries, the most prevalent energy storage solution, have become even more efficient and affordable, making them widely accessible for various applications.

The use of residential energy storage systems has been increasing as renewable energy sources like solar power become more prevalent. These systems allow homeowners to become more energy independent, reduce their electricity bills, and contribute to a more sustainable energy future by enabling a higher penetration of renewable energy in the overall energy mix.

The deployment of grid-scale energy storage systems has become more widespread and essential for grid stability and renewable energy integration. Large-scale lithium-ion battery installations, flow batteries, compressed air energy storage (CAES), and other innovative technologies are being deployed to balance supply and demand, mitigate intermittency issues, and facilitate the integration of renewable energy sources. These installations have significantly reduced reliance on fossil fuels and improved grid resilience.

The concept of Vehicle-to-Grid (V2G) has gained prominence, allowing electric vehicles (EVs) to not only draw power from the grid but also supply it back during peak demand periods. EVs, equipped with bidirectional charging capabilities, act as mobile energy storage units, enabling a more flexible and distributed energy system. V2G technology has been implemented on a larger scale, creating virtual power plants that enhance grid stability and reduce strain during peak hours.

Overall, in 2023, the energy storage landscape has experienced significant advancements in battery technologies, grid-scale storage and V2G integration. These developments have contributed to a more sustainable, resilient, and efficient energy infrastructure, facilitating the transition to a cleaner and greener future.


During the year under review the Company purchased battery business of Waaree ESS Private Limited on going on concern basis under the Business Transfer Agreement (BTA). Pursuant to said business transfer all the assets and liabilities of battery business of Waaree ESS alongwith the manufacturing facility has been transferred to the Company on going concern basis and the Company is currently undertaking said business of battery manufacturing from aforesaid premises and accordingly the revenue for the year comprises of revenue from trading and sale of cells required for batteries and batteries itself. The Company expects healthy revenues from battery business in the years to come.

Total revenue of the Company for the year was Rs. 297,196,194/- as against Rs. 134,886,039/- in the previous year. During the period under review the Company incurred loss before tax of Rs. 14,761,148/- against the Profit before tax of Rs. 2,536,733/- in the previous year. The loss after tax for the year is Rs. 10,871,311/- against the profit after tax of Rs. 1,872,301/- in the previous year. The Management Discussion & Analysis Report has been included in adherence to the spirit enunciated in the code of Corporate Governance approved by the Securities and Exchange Board of India. The report herein presents the Company Overview, SWOT Analysis, Initiatives by the Company and overall outlook of the Company for the future. This outlook is based on the assessment of the current environment which may vary due to future economic and other developments in the universal arena. The Company is looking for a good future ahead and targeting the corresponding growth in the next year.

Performance Review:


F.Y 2022-23 F.Y 2021-22

Reason if change is more than 25%

Debtor Turnover Ratio

96.75 1.48

Reduction in Trade Receivables due to acquisition of undertaking in slump sale

Inventory Turnover Ratio

0.23 0.01

Increase in Inventory due to acquisition of undertaking in slump sale

Current Ratio

1.11 85.35

Reduction in Current ratio is due to increase in Other Current Liability

Debt Equity Ratio Operating Profit Margin (%)

0.27 (5.05)% NIL (0.55)%

Due to increase in Borrowings Reduction due to company incurred losses in current year

Net profit Margin (%)

(3.66)% 1.39%

Reduction due to company incurred losses in current year

Return on net worth

0.13 0.02

Reduction due to company incurred losses in current year


The Company has adopted advanced battery production techniques The management has past experience in battery manufacturing and has better reach with customers

2. Weakness:

Cut-throat competition

If your business heavily relies on specific raw materials that are subject to supply chain disruptions, it could be a vulnerability. Evolving regulations related to battery technologies and disposal could pose compliance challenges.

3. Opportunities:

The induction of battery business will provide impetus to the business of the Company. The Company expects good business from trading and sale of batteries and its components. The EV push by government and storage of energy will provide good business opportunities to the Company.

4. Threats:

The Company has to operate in highly competitive market and acquiring grip over such market to hold its foot firmly is challenging.

Adverse change in the Government Policies may affect the business operations of the Company

Technology Obsolescence: These are the days when technology takes no time to become obsolete. Thus to be at par with its competitors the Company has to ensure that it constantly updates and upgrades its technology.


The Company has adequate internal control systems which ensure protection against misuse or loss of the Companys assets. The Company deploys a robust system of internal control that facilitates the accurate and timely compilation of financial statements and management reports; ensures regulatory and statutory compliance and safeguards investors interests by ensuring the highest level of governance and periodical communication with investors. The Audit Committee also reviews the effectiveness of the

Companys internal control system which provides adequate safeguards & effective monitoring of its transactions.


Human Resource Development is paramount in every organization. The management continues to lay emphasis on identifying, developing the talent in the organization with a view to retain them and further training those who are capable of handling additional responsibilities. Developing people and harnessing their ideas is high priority for the Company. Total number of employees at the end of March 31, 2023 stood at 39.


Financials of the Company is detailed in the Financial Accounts of the Company forming part of the Annual Report. The Financial Statements have been prepared in compliance with the requirements of the Companies Act, 2013.

The operational performance of the Company for previous 3 years is detailed as follows:

Rs. in Lakhs


Total Revenue Revenue PAT % Change in EPS % change in
Growth % PAT EPS


2971.96 120.33% (108.71) -680.72% (1.01) -539.13%
2021-22 1348.86 29742.04% 18.72 -233.14% 0.23 -160.53
2020-21 4.52 -106.83% (14.06) 2.48% (0.38) 2.70


The Company is engaged into single segment reporting during the year under review. During the year under review the performance was negative, but it seems that in future it will increase the performance positively.


Considering the acquisition of battery business and opportunities in the market, management consider favourable outlook for the Company to achieve considerable business in future.


Company at present is exposed to the normal industry risk factor of change in technology, unfavourable government policies, volatility in interest rate, economic cycle and credit risk.

Statements in the Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may be forward looking statements within the meaning of the applicable securities laws and regulations. Actual results could differ materially from those expressed or implied.

On behalf of the Board of

Waaree Technologies Limited



Kirit Chimanlal Doshi

Rushabh Pankaj Doshi

Chairman and Managing Director

Director and CFO

DIN: 00211972

DIN: 07829435

Reg. Office: 602, Western Edge I,

Western Express Highway Borivali East,

Mumbai 400066 Mumbai (Maharashtra)

Date: August 08, 2023

Place: Mumbai