The shares of the solar company jumped 2 percent after receiving the Letter of Award (LoA) for the execution of Engineering, Procurement, and Construction (EPC) works of a solar power project worth 183 crores.
With a market capitalization of Rs. 2,785 crores, the shares of Waaree Renewables Technologies Ltd opened their Tuesday trading session on a higher note. The share opened at Rs. 1,349 and went to hit an intraday at Rs. 1,374 making a gain of around 2 percent. The share closed its trading session at Rs. 1,365 apiece.
In an exchange filing the company mentioned that it has received a Letter of Award (LoA) from the largest integrated specialized seamless tube manufacturer in India for the execution of Engineering, Procurement, and Construction (EPC) works of a solar power project of 70MW DC capacity on turnkey basis along with five years of operation & maintenance work.
The order value is estimated at Rs. 183 crores and the project is scheduled to be completed in the financial year 2024-25, in various tranches as per the terms of the order.
Digging into the financials of the company, the revenue increased by 17 percent from Rs. 128 crores during the June quarter to Rs. 150 crores in the September quarter. In addition to this, the net profit magnified by 65 percent from Rs. 11.12 crores to Rs. 18.32 crores during the same timeframe.
Looking at the important financial ratios, the return on equity (RoE) drastically increased from 34.08 percent during FY21-22 to 96.9 percent in FY22-23. Furthermore, the return on capital employed(RoCE) increased from 26.67 percent to 84.06 percent during the same period.
According to the latest shareholding pattern, Promoters have a 74.48 percent stake in the company and the remaining 25.52 percent of shares are with Public or Retail Investors.
Headquartered in Mumbai, Waaree Renewables Technologies Ltd is a subsidiary of the Waaree Group. The company operates across geographies, focusing on long-term investments within the commercial and industrial customer segments. It is a leading renewable energy company catering to industrial, commercial, and individual customers.
Written By Vaibhav Patil
