Share price of this renewable energy stock moved up by 5% to close at Rs. 5,835.25 on BSE in the trading session of Friday, compared to its previous close of Rs. 5,557.4, after the company announced receiving an order worth Rs. 1,401 crore.
With a market capitalisation of Rs. 12,154.74 crore, in the last one year, the company has delivered positive returns of about 832.52 percent and nearly 363.96 percent of returns in the last six months. So far in 2024, it has given positive returns of around 165.95 percent.
According to recent regulatory filings with the BSE, Waaree Renewable Technologies Limited has secured a Letter of Intent (LOI) from North Eastern Electric Power Corporation Limited (NEEPCO).
The order has been issued for the execution of Engineering, Procurement and Construction (EPC) work with Land development of ISTS-connected ground mounted Solar PV project of 300 MW AC capacity on a turnkey basis along with three years of operation and maintenance services.
The order received by the company is worth Rs. 1,401 crore including operations and maintenance, and the project is planned to be completed in several tranches by the financial year 2025-26.
In terms of financials, the revenue from operations of the company grew by nearly 116% QoQ from Rs. 150 crore in Q2 FY23-24 to Rs. 324 crore in Q3 FY23-24.
The net profit of the company also increased by around 255.5 percent QoQ from Rs. 18 crore in Q2 FY23-24 to Rs. 64 crore in Q3 FY23-24.
Waaree Renewables Technology Limited, a subsidiary company of Waaree Group, is a leading renewable energy company focused on Solar EPC.
The company, headquartered in Mumbai, offers clean energy solutions through on-site solar projects (rooftop and ground-mounted) and off-site solar farms (open-access solar plants).
Written by Shivani Singh
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