Waaree Renewable Technologies Ltd. received a term sheet for developing and implementing a renewable energy project worth Rs 1,233.47 crore.
The company will "develop a ground-mounted solar PV project of 2012.47 MWp DC capacity," according to an exchange filing on Wednesday. The time period to complete the project will be decided mutually.
Waaree Renewable Technologies parent Waaree Energies Ltd. plans to commission India's first US-based module manufacturing facility by the end of December or January next year.
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On the condition, a senior company official told NDTV Profit that the company in phase one will commission 1.6 gigawatt capacity and take it to 3 GW by 2027. The long-term plan of the renewable energy provider is to create a 5 GW capacity.
The factory with floor space and facilities has been set up to accommodate a capacity of three gigawatts, the person said. It will also examine the demand trends and build capacity in phases, 3GW and then further extension to 5GW, they said.
Waaree Energies Q2 Performance
Waaree Energies recorded a 1% rise in its revenue to Rs 3,754.38 crore for the second quarter of the current fiscal 2025 as compared to Rs 3,537.3 crore for the same period last year.
The renewable energy provider reported a net profit of Rs 375.66 crore, indicating a 17% surge for the three months ended Sept. 30. This compares to Rs 320.12 crore for the same quarter in the previous financial year.
Its earnings before interest, tax, depreciation, and amortisation were up 1.5% to Rs 524.85 crore as compared to Rs 517.26 crore for the year-ago period. Margins remained flat at 14.7% as against 14.6% in the same period last year.
Shares of Waaree Renewable Technologies closed 0.51% higher at Rs 1,423.30 apiece on the Bombay Stock Exchange, compared to a 0.29% advance in the benchmark Sensex. The share price has risen 420.52% in the last 12 months and 259.17% on a year-to-date basis.
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