This power stock rallied 4% in the afternoon of Wednesday after the company received a letter of intent for EPC services. The stock saw a potential movement in the market today.
Share price of Waaree Renewable Technologies opened at Rs. 1249.90 per share and gained almost 4% to reach its intra- day high of Rs. 1280 levels. The stock gave a multibagger return of 152.92% in the last one year and 7517.9% in the last three years.
On 12 September 2023, the company received an order from a group company of one of India’s leading power generation companies for Engineering, Procurement and Construction (EPC) services required to set up a solar power project of 52.6 MWp capacity. This is a commercial order and is expected to be completed in the F.Y.2023-24.
As per comparing their financials on a QoQ basis, the revenue stands at Rs. 128.94 crore in Q1FY24, an increase of 109.6% from Rs. 61.49 crore in Q4FY23. Its net profit of Rs. 12.28 crore in Q4FY23 decreased 9.5% to Rs. 11.12 crore in Q1FY24. It maintains a ROE of 34.08%. According to its shareholding pattern, promoters hold a total of 74.51% along with public holdings of 25.49%.
Waaree Renewable Technologies is involved in solar engineering, procurement and construction and generating power through renewable resources. The company is a subsidiary of the Waaree Group and offers solar energy products such as inverters, batteries, and many more. It is also India’s leading manufacturer of solar panels.
Written by Bhumika Khandelwal
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
