The shares of the leading solar panel manufacturer hit 5 percent lower circuit of Rs 1,639.40 apiece after the company’s net profit and revenue decreased 45 percent and 14 percent QoQ respectively in Q1FY25.
With a market capitalization of Rs 17,074.23 per share, the shares of Waaree Renewable Technologies Ltd were trading at Rs 1,639.40 apiece, decreasing around 5 percent as compared to the previous closing price of Rs 1,725.65 apiece.
Reason for Fall:-
The share of the company has seen negative movement after Waaree Renewable Technologies Ltd’s revenue plummeted by 13 percent on a quarter-on-quarter basis from Rs. 273 crores in Q4FY24 to Rs. 236 crores in Q1FY25. Further, revenue magnified by 83 percent yearly from Rs 129 crore in Q1FY24 to Rs. 236 crore in Q1FY25.
Waaree Renewable Technologies Ltd’s net profit decreased by 45 percent on a quarter-on-quarter basis from Rs. 51 crores in Q4FY24 to Rs 28 in Q1FY25. Further, on a year-on-year basis also net profit magnified drastically by 211 percent from Rs. 9 crores in Q1FY24 to Rs. 28 crores in Q1FY25.
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Order Book:-
As of June 2024, Waaree Renewable Technologies had an unexecuted order book totaling 2,191 MW and 217 MWp of successfully executed orders. Recently, the company won a contract to set up a 1 MWp Green hydrogen Plant integrated with the ecosystem on a BOB basis.
Client base & Future Plans:-
The company has a prominent client base which includes Larsen & Toubro, Reliance Industries, Jindal Steel, Adani Group, NTPC, and others.
Waaree aims to increase public sector contracts and diversify into round-the-clock renewable energy and storage systems. With a 13 GW bidding pipeline, a 30% increase from FY24, it targets small-scale projects under 1 MW. Solar remains the primary focus, with potential exploration of green hydrogen projects, prioritizing the domestic market first.
Company Profile:-
Waaree Renewable Technologies Limited focuses on renewable energy. The company specializes in solar EPC and power generation using renewable energy sources. It is also a solar developer, which funds, builds, owns, and manages solar installations.
Written by:- Abhishek Singh
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