Waaree Renewable Technologies; the green energy arm of Waaree energies; hits a upper circuit filter level of 5 per cent on Indian exchanges after company won a Rs 1,233.47 crore order to install a 2,012.47 MWp DC ground-mount solar PV project.

The shares of waaree renewable technologies hit the upper circuit at day high level of Rs 1494.45 per share on the BSE (Bombay Stock Exchange), with surge of 5 per cent amounting to Rs 71.15 per share on the bourse.

Waaree renewables shares were locked-in at 5 per cent upper circuit. The stock has touched a all time high level of Rs 3,037.75 per share on the NSE (Bombay Stock Exchange) on April 26, 2024.

Contract details

According to a BSE filing, a domestic business involved in the planning and execution of renewable energy projects granted the order.

The order is valued at about Rs 1,233.47 crore (not including taxes), according to the exchange filing. According to the statement, Waaree Renewable Technologies will create a 2,012.47 MWp DC ground-mount solar PV project.

Recent orders received

The business announced earlier this month that it had obtained a contract to install a 41.6 MW solar project in Tamil Nadu.

The company stated in an exchange filing that the order is worth approximately Rs 146.77 crore.

Company financials

Supported by increased revenue, Waaree Renewable Technologies Ltd.'s (WRTL) consolidated net profit nearly tripled to Rs 53.51 crore during the September quarter of fiscal year 2024-2025.

The company stated in an exchange filing that it had reported a net profit of Rs 20.54 crore for the same quarter last year. The total revenue increased from Rs 150.93 crore to Rs 527.86 crore.

Company's parent firm went public

Waaree renewable's parent company Waaree Energies recently went public. Its IPO was a massive hit on the stock market as the issue was oversubscribed 76.34 times. The shares of the waaree energies were listed at Rs 2,500 per share, with 66.33 per cent premium compare to issue price of Rs 1,503 per share.