Shares of Waaree Renewable Technologies Ltd. were locked in a lower circuit on Wednesday amid possible profit-booking. The solar solutions provider saw its consolidated net profit for the June quarter jump threefold a day before.
The total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 32.45. On Tuesday, the stock had closed at an upper circuit limit of 5% at Rs 1,725.65 per share before the announcement of the financial results.
Waaree Renewable Q1 FY25 Highlights (Consolidated, YoY)
Revenue up 83% to Rs 236 crore versus Rs 129 crore.
Ebitda Rs 41 crore versus Rs 13 crore.
Ebitda margin at 17.4% versus 10.4%.
Net profit up at Rs 28 crore versus Rs 9 crore.
Waaree Renewable's unexecuted order book stands at a peak of 2,191 megawatts and is to be executed between nine and 12 months, the company said in a press release.
The solar EPC firm wants to capitalise on the government prioritising the energy transition and providing robust policy support, the release said. "Our robust order pipeline and strong balance sheet positions us to deliver significant value to our stakeholders while furthering global sustainability efforts."
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Waaree Renewable's stock was locked in its lower circuit limit of 5% at Rs 1,639.4 apiece, compared to a 0.4% advance in the benchmark Sensex at 10:37 a.m.
The share price has risen 313.7% on a year-to-date basis and 486% in the last 12 months.
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