This Solar company, which deals in generation of power through renewable energy sources and also provides consultancy services, is in focus after receiving consortium orders worth ~Rs. 740 crore for EPC project.
Share Price Movement
In Tuesday’s trading session, Waaree Renewables Technologies‘s share price was down by 7.94 percent to the day’s low of Rs. 764. The stock reiterated from the day’s low and was trading at Rs. 799.90 per share, which was down by 3.61 percent from the previous close of Rs. 829.90 per share.
In the past year, the stock has given around 49 percent negative returns, and compared to the Nifty Index, Waaree Renewables Technologies has underperformed. The stock is trading at a discount of around 74 percent from its 52 week high of Rs. 3,037.75 per share.
What happened
The company’s stock is in focus after its filing revealed that Waaree Renewable Technologies received a consortium order worth ~Rs. 740.60 crore comprising three members received Letter of Award (LoA) from a leading power distribution company for Engineering, Procurement and Construction (EPC) for a Solar Power Project of 125 MWac or 181.3 MWp DC capacity on a turnkey basis along with Operations & Management.
The project is scheduled to be completed within 18 months from the date of signing the contract, and no promoter or promoter group interest in the entity which awarded this order.
Ongoing Projects
Waaree Renewable Technologies is executing several major projects across India, including large-scale ground-mounted solar projects: 210 MWp in Khandwa, 450 MWp in Bikaner, and 295.68 MWp in Kurnool. The company is also working on floating solar projects in Gujarat and rooftop installations in Chittorgarh.
Financials
In its latest filing for the quarter ending December 2024, the company reported an 11.11 percent rise in revenue, reaching Rs. 360 crore compared to Rs. 324 crore in Q3FY24. During the same period, net profit declined by 17.18 percent to Rs. 53 crore in Q3FY25, compared to Rs. 64 crore in Q3FY24.
Company Profile & Clients
Waaree Renewable Technologies Limited is a leading solar EPC company in India, offering turnkey solutions for solar projects. It has completed over 10,000 projects with more than 600 MW capacity, serving individual, industrial, and commercial sectors.
It maintains relationships with prominent clients, including state-owned and private entities such as Reliance Industries, Jindal Steel and Power, Waaree Renewables Petroleum Limited, NTPC, Larsen & Toubro, Adani Group, and Aditya Birla Group.
Written by – Santhosh S
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