Waaree Renewable hits record high after bagging EPC order from NEEPCO

Waaree Renewable Technologies was locked in upper circuit of 5% at Rs 5,835.25 after the company has received letter of intent (LOI) from North Eastern Electric Power Corporation (NEEPCO) for aggregating Rs 1,401 crore.

The order includes 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 turnkey basis along with three years operation & maintenance service.

The project is scheduled to be completed in the financial year 2025-26, in various tranches as per the terms of the order.

Waaree Renewables Technology is a solar EPC service company. It caters to individual, industrial, and commercial customers by encouraging them to adopt energy solutions that help in reducing the release of carbon.

The companys consolidated net profit stood at Rs 64.48 crore in Q3 FY24, registering a growth of 157.2% from Rs 25.07 crore posted in Q3 FY23. Net sales stood at Rs 324.19 crore in Q3 FY24, steeply higher than Rs 73.88 crore posted in Q3 FY23.

The scrip hit all-time high at Rs 5,835.25 in intraday today.

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