Waaree Energies Bags Contract To Supply Solar Modules

Waaree Energies Ltd. received a contract to supply solar modules of up to 1 gigawatt to a customer involved in the business of owning, developing and operating renewable power projects in India.

The company will start providing the solar modules to the customer in the current and next financial years, according to an exchange filing on Monday. Waaree has not mentioned the name of the customer.

Last week, Waaree secured two solar-module supply orders totalling 524 megawatts from renewable energy companies.

Waaree plans to commission its new 1.6-gigawatt solar panel manufacturing facility in the US within this fiscal, Chief Executive Officer Amit Paithankar had said last week.

The company also aims to upscale its capacity of the plant that is located in Houston to 3 GW in the near term. Last year, Waaree entered into the US market to launch the new solar photovoltaic module manufacturing plant at an investment of $1 billion.

Waaree Energies Q2 Performance

Waaree's profit rose 17% to Rs 375.7 crore in the second quarter of the current financial year from Rs 320.1 crore in the year-ago period. Revenue rose 1% to Rs 3,754.4 crore from Rs 3,537.3 crore in the same period of the previous fiscal.

The solar module manufacturer's earnings before tax, interest, depreciation and amortisation rose 1.5% to Rs 524.9 crore from Rs 517.3 crore for the same period last year. The margin remained flat at 14.7%.

Shares of Waaree Energies closed 2.35% higher at Rs 2,971.30 apiece on the National Stock Exchange, compared to a 0.24% decline in the benchmark Nifty. The stock has risen 27.04% from the date of its listing in October. No Bloomberg analyst tracks the company.