Waaree Energies shares climb 7% on order win for supplying solar modules

Shares of Waaree Energies surged 7.18 per cent at Rs 3,184.95 per share on the BSE in Tuesday’s intraday trade. This came after the company received an order for supply of solar modules up to 1 GW from a customer engaged in the business of owning, developing and operating renewable power projects in India, the company said in an exchange filing on Monday. 

 

The company further stated that the supply of solar modules is scheduled to commence in FY2024-25 and FY2025-2026.

 

Waaree Energies Ltd. is a prominent Indian solar energy company specializing in the manufacturing of high-efficiency solar panels, inverters, and batteries. A part of the Waaree Group, the company operates one of India’s largest solar panel manufacturing facilities, with a production capacity of 2 GW. Waaree Energies offers comprehensive solar solutions, including design, engineering, procurement, and maintenance of solar power plants, having successfully delivered numerous large-scale projects across India.  

 

The company exports its products to over 80 countries, with a strong presence in markets such as the Middle East, Europe, and Southeast Asia.  

On the financial front, Waaree Energies reported a 17 per cent increase in consolidated net profit, reaching Rs 375.6 crore for the July-September quarter of financial year 2024-25, driven by higher income. In comparison, the company posted a profit of Rs 320.1 crore during the same period last year. 

 

Total income for the quarter rose to Rs 3,663.4 crore, up from Rs 3,558.5 crore in the previous year's second quarter. Expenses for the quarter stood at Rs 3,164.6 crore, compared to Rs 3,123.9 crore in the corresponding period of the previous year.

 

On the equities side, the recently listed, Waareee Energies’s stock has delivered a 111 per cent return to its investors over its issue price of Rs 1,503. The company was listed on both the BSE and NSE on October 28, 2024.

 

The company has a total market capitalisation of 89,230.16 crore. At 12:54 PM; the shares of the company were trading 4.53 per cent higher at Rs 3,106 a piece. By comparison, the BSE’s Sensex was down 0.22 per cent at 81,325.27 level.