Waaree Renewable Shares Rise On Receiving Order Worth Rs 232 Crore

Waaree Renewable Technologies Ltd. rose nearly 6% on Wednesday after it received a letter of award for a project worth Rs 232.30 crore. The project includes execution of Engineering, Procurement and Construction works for Ground mount solar power projects including Operation and Maintenance of 170 MW AC/ 255 MW DC capacity turnkey basis.

The project is expected to be completed in the financial year 2025-26, according to the letter of award received by the company. The project is awarded by the company's promoter Waaree Energies Ltd., according to the exchange filing.

Earlier this month, a three-member consortium which includes Waaree Renewable Technologies bagged a solar power project worth Rs 740.06 crore. 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.

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 shares of Waaree Renewable Technologies rose as much as 5.53% to Rs 973.10 apiece. It pared gains to trade 2.64% higher at Rs 946.40 apiece, as of 9:51 a.m. This compares to a 0.02% decline in the BSE Sensex Index.

The shares of the company have risen 20.95% in the last one month.

It has risen 33.07% in the last 12 months and 33.12% year-to-date. Total traded volume so far in the day stood at 3.6 times its 30-day average. The relative strength index was at 59.