In an early trade on the BSE, shares of Waaree Renewable Technologies, a provider of solar energy solutions, reached their 5% upper circuit at Rs 1,494.45 following the company’s receipt of a term sheet for the engineering, procurement, and construction (EPC) of a ground mount solar PV project with a capacity of 2012.47 MWp DC.
The deal is projected to be worth Rs 1,233.5 crore in total (taxes excluded). This order entails creating and carrying out a sizable renewable energy project. The deadline for the project’s completion will be agreed upon by all stakeholders.
“We are pleased to inform you that “WAAREERTL” has received a term sheet for the execution of Engineering, Procurement and Construction (EPC) works for ground mount solar PV project of 2012.47 MWp DC capacity,” the company said in an exchange filing.
Supported by increased revenue, Waaree Renewable Technologies’ consolidated net profit nearly tripled to Rs 53.51 crore in Q2 FY24. For the same quarter last year, it reported a net profit of Rs 20.54 crore. The total revenue increased from Rs 150.93 crore to Rs 527.86 crore.
The benchmark Sensex rose 0.29% on Wednesday, while Waaree Renewable’s shares ended the day at Rs 1423.3, up 0.51% on the BSE. The company now has a market valuation of Rs 14,837 crore after its shares have increased 225% in 2024 thus far and 1,388% in the last two years.
