Waaree Energies shares gain 5% as firm receives orders for supply of solar modules; here are the details

The stock rallied as much as 4.9% to ₹2,798.30 on the BSE. 

The fresh trigger for the recently listed stock was the new order won by the company. In its filing to exchanges, Waaree Energies said it has received orders for the supply of solar PV modules up to 364 MWp and 160 MWp from renowned customers engaged in the business of owning, developing, and operating renewable power projects in India. 

The supply of modules is scheduled to commence in FY 2024-25 and FY 2025-2026, it added. 

Last week, Waaree Energies said it had bagged an order to supply 600 MWp solar modules from a firm that owns, develops, and operates renewable energy projects across India.

The delivery of these modules is scheduled to begin in FY2025-26, positioning the project as a key contributor to India's ambitious clean energy targets, a company statement said.

According to the statement, this contract involves the supply of Waaree's flagship high-efficiency modules, renowned for their durability, energy output, and cutting-edge technology.

The company did not disclose the financial details of the order.

Amit Paithankar, CEO of Waaree Energies, said, "This project represents more than just megawatts; it symbolises our nation's progress toward energy self-reliance and sustainability."

Established in 1990, Waaree Energies Ltd (WAAREE) is India's leading renewable energy company, accelerating the global energy transition.

Headquartered in Mumbai, it operates state-of-the-art manufacturing facilities with an installed capacity of 13.3GW for solar PV modules (including 1.3GW of Indosolar).

With a presence across India and 25+ countries worldwide, it offers innovative solar solutions, including panel manufacturing, EPC services, project development, and rooftop systems.

Waaree Energies Q2 FY25 Results

For the September 2024 quarter (Q2 FY25), Waaree Energies reported a 17% rise in consolidated net profit at ₹375.6 crore, helped by higher income.

It had posted a ₹320.1 crore profit for the July-September period of the preceding 2023-24 fiscal.

Post its listing on October 28, this was the first quarterly result of Waaree Energies. It made its market debut at ₹2,550, reflecting a jump of 69.66% from the issue price of ₹1,503.

The company's total income rose to ₹3,663.4 crore in the quarter under review, from ₹3,558.5 crore in the second quarter of the last financial year.