Shares of this renewable energy company jumped around 7 percent on Friday’s trading session after signing a collaboration agreement for the development of solar power. The shares have delivered a multibagger return of 281 percent to its shareholders on a YTD basis.
With a market capitalisation of Rs. 3,997 crores, the shares of Waaree Renewables Technologies Ltd started Friday’s trading session positively at Rs. 1,800. The shares hit a high of Rs. 1,922, gaining around 7 percent, which is also recorded as the company’s fresh 52-week high and is currently trading at Rs. 1,919.95 apiece.
Such a bullish movement in the share price was observed after the company in an exchange filing announced they had entered into a Long Form Heads of Agreement (LFHOA) with 5B Industries PTY Ltd to develop 5B Maverick solar products and to reduce the build cost of solar installations, aiming for an economically competitive price point which will help them to accelerate the deployment of utility-grade solar power locally in India as well as in international markets with a US-compliant supply chain.
This collaboration will open avenues for the commercialization of the 5B Maverick solar product, which will allow for localization, scalable production, and competitive deployment in India, to supply to both local and international developers as well as EPC companies.
Furthermore, Waaree said that the 5B Maverick technology, which is under trial for the next year, aims to revolutionize the solar landscape, making installations 10X faster, more cost-effective, and easier to maintain.
Coming onto the company’s financial statement, the revenue increased by 16 percent from Rs. 129 crores during the June quarter to Rs. 150 crores in the September quarter. In addition, the net profits zoomed by 63 percent from Rs. 11 crores to Rs. 18 crores during the same timeframe.
As of August 2023, the company successfully executed orders of more than 96 MW and more than 856 MW projects were yet to be executed. It has India’s largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat.
Moreover, the company is in the process of setting up a 1 MW Green hydrogen plant integrated with the ecosystem on a BOB basis.
Headquartered in Mumbai, Waaree Renewables Technologies was incorporated in 1999. The company is engaged in the business of the generation of power through renewable energy sources and also provides consultancy services in this regard.
Written By Vaibhav Patil
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