Waaree Renewable, Two Others Bag Rs 740-Crore Solar Power Project

A three-member consortium which includes Waaree Renewable Technologies Ltd. has bagged a solar power project worth Rs 740.06 crore, according to an exchange filing on Tuesday.

Waaree Renewable as one of the members of the consortium has "received a letter of award for engineering, procurement and construction works for solar power project", it added.

Under the project, the consortium will develop a plant with a total capacity of 125 megawatts alternating current or MWAC, the filing further said. The project is expected to be completed within 18 months from the date of signing the contract.

The agreement between the consortium members will be finalised soon, Waaree Renewable noted. The other two members of the consortium were not named in the regulatory filing.

The entity which awarded the Rs 740-crore contract was also not disclosed in the filing.

Waaree Renewable, which operates as an EPC subsidiary of the Waaree Group, had posted a 16.7% decline in its net profit to Rs 53.5 crore in the quarter ended December 2024, as against Rs 64.2 crore in the year-ago period. The revenue, in the same period, climbed to Rs 360 crore from Rs 324 crore.

The solar power producer's earnings before interest, taxes, depreciation and amortisation had dipped to Rs 72 crore, marking an 18% fall from Rs 88 crore in corresponding period of the past fiscal.

Shares of Waaree Renewable settled 3.26% lower at Rs 802.85 apiece on the BSE, compared to a nearly flat close for the benchmark Sensex. The stock has fallen by 48.65% in the last 12 months.