Waaree Renewable Technologies gets ₹990 crore order

Waree Renewable technologies (Waaree RTL) reported in the exchange filing on receiving Letter of award for construction of solar plant for 980 MW. Waaree RTL is India’s leading solar module manufacturer and end to end solutions provider for solar plant business.

The company received order for execution of Engineering, Procurement and Construction (EPC) work for Solar power plant of 980 MWp /700 MWac on turnkey basis. The order value for the above mentioned project stands at ₹990 crore.

With this order the total unexecuted order book of the company tripled to 2.141 GW vs 749 MW in the Q3FY24. The company has received total of 8 order wins for in FY24 and has reported stellar earnings performance in Q3FY24. The revenue for the company in Q3FY24 was reported at ₹324 crore a 338% YoY increase, while net profit for the company increased 158% YoY to ₹64 crore.

Following the announcement, shares of Waaree RTL jumped 5% to ₹4650 per share. The stock has given multibagger returns of more 200% in previous 2 months from ₹1465 per share in Dec 2023.