 "Energy, Solar energy, Wind Energy")
Shares of Waaree Renewable Technologies rose over 5 per cent on Wednesday after it received a Letter of Award (LoA) worth ₹232.3 crore from its parent Waaree Energies.
Waaree Renewable Technologies' stock rose as much as 5.53 per cent during the day to ₹973.1 per share. The stock pared gains to trade 2.74 per cent higher at ₹947.4 apiece, compared to a 0.01 per cent decline in Nifty 50 as of 10:32 AM.
Shares of the company have risen by 25 per cent since hitting a low of ₹759 in early March. The stock has fallen 30 per cent this year, compared to a 0.25 per cent rise in the benchmark Nifty 50. Waaree Renewable Technologies has a total market capitalisation of ₹9,929.49 crore, according to BSE data.
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The power generation company received the LoA for the execution of engineering, procurement and construction (EPC) works for the ground mount solar power project, including pperation and maintenance of 170 megawatt (Mw) AC/255 MW DC capacity on a turnkey basis. The project is scheduled to be completed in the financial year 2025-26
Earlier this month, the firm informed that it has received an LoA worth ₹740.06 crore for EPC works on a solar power project with a capacity of 125 MWAC (181.3 MWp DC) on a turnkey basis, along with operation and maintenance.
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Waaree Renewable Technologies, a subsidiary of Waaree Group, is a leading solar EPC company based in Mumbai. In addition to EPC services, they also develop, finance, construct, own, and operate solar projects, focusing on commercial and industrial customers.
The company's net profit fell 16.7 per cent year-on-year to ₹53.5 crore for the quarter that ended December 31, 2024. This drop in profit was accompanied by a 700 basis point contraction in its margin.
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For Q3FY25, Waaree Renewable Technologies recorded a revenue increase of 11 per cent, reaching ₹360 crore, compared to ₹324 crore in the same quarter last year. However, its earnings before interest, tax, depreciation and amortisation (Ebitda) declined by 18 per cent, falling to ₹72 crore from ₹88 crore, with the Ebitda margin contracting to 20 per cent from 27 per cent in the previous year.
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