Waaree Renewable Technologies shares surge over 4% on bagging order worth ₹346 crore

Shares of Waaree Renewable Technologies rose as much as 4.12% to hit an intraday high of ₹1,068.05 on the BSE after the company informed exchanges that it has won an order for a solar power project. On the National Stock Exchange, Waaree Renewable Technologies shares rose as much as 4.18% to hit an intraday high of ₹1,067.70.

Waaree Renewable Technologies informed exchanges that it won an letter of award for execution of Engineering, Procurement and Construction (EPC) works of solar power project of 300 MW AC/435 MW DC capacity.

"We are pleased to inform that “WAAREERTL” has been awarded Letter of Award (LOA) for the execution of Engineering, Procurement and Construction (EPC) works of solar power project of 300 MW AC/435 MW DC capacity," the company said in an exchange filing.

The company will develop Ground mount solar power project of 300 MW AC /435 MW DC capacity for one of the renewable generation company.

The order is valued at ₹346 crore excluding taxes and the aggregate order size is 300 MW/435 MW DC.

Waaree Renewable on April 16 reported 83% jump in its consolidated net profit for the January to March quarter at ₹93.76 crore as compared to ₹51.31 crore in same quarter previous fiscal year.

Its total income increased 74.83% to ₹481.43 crore in the reporting quarter as against to ₹275.35 crore in Q4FY24.

The company's earnings before interest, taxes, depreciation, and amortisation (Ebitda) grew 68% to ₹126.40 crore as against ₹75.30 crore year-on-year. Margin was at 26.5% for the period under review as compared to 27.6% in Q4FY24.

As of 11:10 am, Waaree Renewable Technologies shares traded 1.45% higher at ₹1,039, outperforming the NIFTY50 index which was down 0.44%.