Waaree Energies shares were under pressure on Thursday despite the company reporting a sharp rise in June quarter revenue and double-digit growth in profit.
The stock fell as much as 6.28% to an intraday low of Rs 2,566.05 per share. At around 9:19 am, the shares were trading 5.85% lower at Rs 2,577.80 apiece. In comparison, the BSE Sensex was trading largely flat at 77,651.
The company reported a 14% year-on-year (YoY) increase in consolidated net profit to Rs 850 crore for the June quarter of FY27, compared with Rs 745 crore in the corresponding period last year.
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Topline, also known as revenue, surged 79% YoY to Rs 7,932 crore from Rs 4,426 crore a year earlier.
Operating performance also remained strong, with earnings before interest, tax, depreciation and amortisation (EBITDA) rising 44% YoY to Rs 1,440 crore from Rs 997 crore. However, EBITDA margin contracted to 18.2% from 22.5% in the year-ago quarter.
During the quarter, Waaree Energies produced 3.24 GW of solar modules, marking a 41.5% YoY increase, aided by operational efficiencies and scale benefits.
The company said its 10 GW solar cell manufacturing facility at Unn, Gujarat, remains on track and is expected to begin production during the current financial year.
Waaree Energies also acquired a 55% stake in Associated Power Structures Pvt. Ltd., a move aimed at strengthening its power infrastructure capabilities and supporting integrated renewable energy project execution.
Additionally, the company commenced operations at its 5.15 GWh automated battery energy storage system (BESS) container manufacturing facility in Rola, Gujarat.
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