Shares of Waaree Renewable Technologies rose over 6% on Monday after it received a letter of intent for a project worth Rs 277.20 crore.
The order from a leading wind energy company is scheduled to be completed in financial year 2025-26, according to the exchange filing. The company, as per the terms of the order, will develop the ground mount solar power project of 105 MWp capacity on turnkey basis.
The solar EPC subsidiary of Waaree Group earlier this month reported a 16.7% jump in net profit to Rs 53.5 crore in the third quarter of this fiscal in comparison to Rs 64.2 crore reported in the previous year.
Revenue increased by 11% year-on-year for the three months ended December, reaching Rs 360 crore. Operating income, or earnings before interest, taxes, depreciation, and amortisation, fell 18% year-on-year to Rs 72 crore. The Ebitda margin contracted to 20% from 27% in the same period the previous year.
The company is seeing a growth in revenues in the third quarter, but the company's margins were heavily under pressure. The margins have increased due to increase in EPC contract cost, employee benefit expenses and other expenses.
Waaree Renewable Technologies also declared an interim dividend of Rs 1 per equity share, with the record date set for January 24, to determine eligibility for the dividend.
Waaree Renewable Technologies Shares Rise Over 6%
Shares of Waaree Renewable Technologies rose as much as 6.29% to Rs 1,110 apiece, the highest level since January 16. It pared gains to trade 4.74% higher at Rs 1,093 apiece, as of 12:11 p.m. This compares to a 0.73% advance in the BSE Sensex Index.
It has risen 90.87% in the last 12 months. Total traded volume so far in the day stood at 1 times its 30-day average. The relative strength index was at 38.
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