Waaree Energies gains as arm bags LoA for 170 MW Solar Power Plant in Madhya Pradesh

Waaree Energies rose 2.26% to Rs 3,245.80 after its wholly owned subsidiary, Waaree Forever Energies received a Letter of Award for the development of a 170 MW solar power plant in Madhya Pradesh from Rewa Ultra Mega Solar (RUMSL).

The solar power plant will enable the generation and transmission of clean energy via the Inter-State Transmission System (ISTS). The project will supply renewable energy to Madhya Pradesh Power Management Company and Indian Railways thus contributing significantly to Indias renewable energy goals.

The official announcement was made after market hours on Wednesday, 11 December 2024.

Waaree Energies is the largest manufacturer of solar PV modules in India with the largest aggregate installed capacity of 12 GW. Presently, it is engaged in manufacture of Solar Photo-voltaic Modules, setting up of projects in solar space and sale of electricity. The company operated five manufacturing facilities in India spread over an area of 143.01 acres. It operate one factory each located at Surat, Tumb; Nandigram, Chikhli in Gujarat, India and the IndoSolar Facility, in Noida, Uttar Pradesh.

The company reported 14.77% increase in consolidated net profit to Rs 361.65 crore in Q2 FY25 as against Rs 315.09 crore posted in Q2 FY24. Revenue from operations rose 1.04% year on year (YoY) to Rs 3,574.38 crore in the quarter ended 30 September 2024.

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