Waaree Renewable Technologies hit an upper circuit of 5% at Rs 1,494.45 after the company informed that it has received an order worth Rs 1,233.47 crore to set up a ground-mount solar photovoltaic (PV) project of 2,012.47 MWp DC capacity.
The order was received on 27 November 2024. It was awarded by a domestic company involved in renewable energy development. The order includes a Term Sheet for the execution of engineering, procurement, and construction (EPC) works for ground mount solar PV project with a capacity of 2012.47 MWp DC capacity.The contract value stood at Rs 1,233.47 crore and the project timeline to be mutually decided. The company clarified that neither the promoter group nor any affiliated companies have any interest in the awarding entity, and the order does not involve related party transactions.
Waaree Renewable Technologies, a subsidiary of Waaree Group, is a leading solar EPC company based in Mumbai. In addition to EPC services, they also develop, finance, construct, own, and operate solar projects, focusing on commercial and industrial customers.
On a consolidated basis, net profit of Waaree Renewable Technologies surged 160.52% to Rs 53.52 crore on 250% increase in net sales to Rs 524.47 crore in Q2 September 2024 over Q2 September 2023.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content