Waaree Renewable Technologies shares hit 5% upper circuit as firm wins ₹1,233 crore solar project

The stock was locked in at ₹1,494.45 on the BSE.

A BSE filing said the order was awarded by a domestic company engaged in the development and implementation of renewable energy projects.

According to the filing, the value of the order is approximately ₹12,33,47,78,778 (excluding taxes).

Waaree Renewable Technologies will develop a ground-mount solar PV project of 2,012.47 MWp DC capacity, it stated.

No promoter/promoter group/group companies have any interest in the entity that awarded the order(s)/contract(s), it added.

Waaree Renewable Technologies Ltd's (WRTL) consolidated net profit nearly tripled to ₹53.51 crore during the September quarter, backed by higher income.

It had posted a ₹20.54 crore net profit for the same quarter a year ago, the company said in an exchange filing on Tuesday.

Total income rose to ₹527.86 crore from ₹150.93 crore.

Earlier this month, the company said it had secured an order to set up a 41.6 MW solar project in Tamil Nadu.

The order is valued at about ₹146.77 crore, the company said in an exchange filing.

The project is scheduled to be completed in the financial year 2025-26 as per the terms of the order, the filing said.

The company is setting up an independent power production (IPP) unit at Cuddalore in Tamil Nadu.

Waaree Renewable Technologies Limited (WRTL) is a solar energy company that develops, finances, builds, owns, and operates solar projects. They are a subsidiary of Waaree Energies and are headquartered in Mumbai.

Waaree Energies was founded in 1990, with headquarters in Mumbai. Waaree has India's largest aggregate installed capacity of 12 GW as of June 30, 2024, at its plants in Chikhli, Surat, Tumb, and Nandigram in Gujarat.

Waaree Energies recently went public. Its IPO was a blockbuster hit as the issue was oversubscribed 76.34 times.