On Monday, November 18, Waaree Energies Limited released its July to September quarter results. Compared to ₹320.12 crore in the same period last year, the company’s net earnings increased by 17% to ₹375.65 crore in the second quarter of the fiscal year 2024–25, the BSE filing said.
Shares of Waaree Energies Ltd. ended Monday’s trading session 6.81 per cent higher at ₹3,115.50, up from ₹2,916.90 at the previous market close. The company’s second-quarter earnings were made public on Monday after market hours.
In the second quarter, the company’s operating revenue increased by 1.04 per cent to ₹3,474.37 crore, up from ₹3,537.29 crore in the same period last year.
Compared to ₹3,392.40 crore during the same period last year, the renewable energy company’s revenue from its primary business, Solar Photovoltaic Modules, dropped by almost 10% to ₹3,053.24 crore during the July to September quarter.
The Engineering, Procurement, and Construction (EPC) contracts category contributed to the quarter’s revenue increase, registering a staggering 257 per cent gain to ₹516.67 crore in the second quarter, compared to ₹144.58 crore in the same quarter of the previous fiscal year.
According to the statement, as of September 30, 2024, the renewable energy company’s order book totalled 20 gigawatts, demonstrating the client’s faith in the business’s ability to execute.
“The Board of Directors have approved an investment up to Rs. 6,000 Mn for setting up and development of infrastructure (including land and connectivity) to develop Renewable Power projects and bidding pipeline,” according to the company’s official statement.
The company’s market capitalization surpassed ₹1 lakh crore due to Waaree Energies’ one-way share rally following its initial public offering (IPO) listing at the end of October. The IPO debuted on the domestic stock exchanges on Monday, October 28 at a price of ₹2,550 per share, which was 69.66% higher than its IPO price of ₹1,503.
