The shares of the leading renewable energy company gained 10 percent and reached its 52-week high price of Rs 2,703.95 apiece after the company’s board planned to consider the proposal for a stock split.
Waaree Renewable Technologies Ltd is a small-cap stock with a market capitalization of Rs 5,475 crore.
The company board is to consider the proposal for a stock split of equity shares of the company in the upcoming board meeting to be held on Saturday, January 20, 2024.According to the company’s exchange filing.
The company’s share has delivered multibagger returns of 438 percent in a year and 130 percent in six months. If a shareholder had invested Rs 1 lakh in the company that would be worth Rs 5.38 lakhs in a year and Rs 2.30 lakhs in six months.
Waaree Renewables Technologies Ltd is a company that generates electricity using renewable energy sources. The company works in on-site solar projects and off-site solar projects.
In April 2023, the 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 24 percent yearly, from Rs 121 crore in Q2FY23 to Rs 150 crore in Q2FY24. Similarly, net profit increased 125 percent, from Rs 8 crore to Rs 18 crore.
The company has successfully executed orders of more than 264.55 MWp in H1FY24, while received O&M Revenue of Rs. 5.15 Crs.
The company’s marquee clients include Reliance Industries, Aditya Birla Group, NTPC, Cello, L&T, and Jindal Power.
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.
At the time of writing this report, Waaree Renewables Technologies shares were trading at Rs 2,644.95 per share, up 7.60 percent from the previous close price.
Written by Omkar Chitnis
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