Waaree Renewable Technologies surges after receiving LoA from Waaree Energies

Waaree Renewable Technologies received a Letter of Award (LoA) from Waaree Energies for the execution of Engineering, Procurement and Construction (EPC) works for a Ground mount solar power project including Operation and Maintenance (O&M) of 170 MW AC/255 MW DC capacity on a turnkey basis.

The order value is around ₹232.30 crore (Excluding Taxes). The project is scheduled to be completed in the financial year 2025-26, as per the terms of the order.

Earlier this month, the company also received another order in EPC segments with a consortium of three members comprising Waaree Renewable Technologies for solar power project of 125 MWAC (181.3 MWp DC) capacity on a turnkey basis along with Operation and Maintenance. Order value was approximately ₹740.06 crore.

In Q3FY25, the revenue for the quarter grew by 11.5% YoY to ₹360 crore, and the net profit declined 16.7% YoY to ₹53 crore. The drop in net profit was largely due to a decline in the operating profit due to high operational expenditures which grew more than 20%.

Waaree Renewable Technologies operates as a renewable equipment company. The company offers solar PV modules, batteries, and other solar products.