Shares of One of India’s largest vertically integrated energy company and leading Solar Panel Manufacturer with a capacity of 12GW gained after the company commenced a solar plant project.
On Wednesday’s first half session, Waaree Renewable Technologies Ltd shares rose 2.3 percent to Rs 1,159 apiece and reached a 52-week high price. The stock price gained after the company commissioned a solar plant project.
As per exchange filings, the Company successfully commissioned a 122.50 MW DC solar power project for the customer, Out of the 210 MW DC capacity. At 2:06 pm, Waaree Renewable Technologies Ltd was quoting at Rs 1,154.75, up 1.70 percent.
The company’s share has delivered multibagger returns of 272 percent in a year and 135 percent in six months. If a shareholder had invested Rs 1 lakh in the company that would be worth Rs 3.72 lakhs in a year and Rs 2.35 lakhs in six months.
Waaree Renewables Technologies Ltd company that generates electricity using renewable energy sources. The company works in on-site solar projects and off-site solar projects.
In April 2023,Company secured an order to construct a 221.8 MWp solar power project for a major Indian steel manufacturer. The project is expected to be completed in FY 2023-24 as per the terms of the contract.
In terms of financials, revenue increased by 17 percent year on year, from Rs 161 crore in FY 21-22 to Rs 350 crore in FY 22-23. Similarly, net profit increased 625 percent, from Rs 8 crore to Rs 58 crore.
As per the latest shareholding pattern, promoters of the company hold a 74.51 percent stake, and retail investors hold a 25.48 percent stake in the company as of FY 22-23.
Written by Omkar Chitnis
