Shares of Waaree Energies Ltd. surged in trade on Thursday after the company reported a strong set of numbers during the third quarter of the ongoing financial year. The stock is trading at Rs 2,660, accounting for gains of more than 9% compared to Wednesday's closing price of Rs 2,435.
This comes on the back of a stellar quarter that saw revenue and profit double while margins expanded by over 400 basis points.
Profit in the December quarter for Waaree Energies stood at Rs 1,062, compared to Rs 493 crore in the year-ago period, whereas revenue stood at Rs 7,565, accounting for a 2.1x year-on-year increase from the Rs 3,457 crore topline during the same period. Margins expanded by 460 basis points to 25.5% compared to 20.9% last year.
Waaree Energies Q3 Highlights (Cons, YoY)
- Revenue up 2.1x at Rs 7,565 crore versus Rs 3,457 crore.
- Ebitda up 2.6x at Rs 1,928 crore versus Rs 722 crore.
- Ebitda margin at 25.5% versus 20.9%.
- Net profit up 2.15x at Rs 1,062 crore versus Rs 493 crore.
STOCK
In addition to posting a strong quarter, Waaree Energies achieved 3.51 GW module production led by a robust operational focus. The company is also on track to achieve its Ebitda target of Rs 5,500–6,000 crores, with the orderbook valued at ~Rs 60,000 crores.
Some of the key wins during the quarter include a 5.3 GW of module orders from renowned customers, a Rs 100 Cr of transformer supply order of 1.27GW and a 10 MWh BESS order from a major infrastructure company.
Out of 14 analysts tracking the company, 10 maintain a 'buy' rating, while four suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target of Rs 3,470.09 implies an upside of 35.3%. The shares of Waaree Energies currently trade at a relative strength index of 28, which suggests the stock is currently in an oversold territory.
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