Waaree Renewable Technologies was locked in an upper circuit of 5% at Rs 4,650.15 after the company announced that it has received a letter of award (LoA) aggregating to Rs 990.6 crore.
The company bagged the order form one of Indias leading renewable energy companies, for execution of engineering, procurement and construction (EPC) work for solar power plant of 980 MWp /700 MWac on turnkey basis.
The project is scheduled to be completed within 12 months as per the term of the LoA, said the firm.
Waaree Renewables Technology is a solar EPC service company. It caters to individual, industrial, and commercial customers by encouraging them to adopt energy solutions that helps in reducing the release of carbon.
The companys consolidated net profit stood at Rs 64.48 crore in Q3 FY24, registering a growth of 157.2% from Rs 25.07 crore posted in Q3 FY23. Net sales soared to Rs 324.19 crore in Q3 FY24 from Rs 73.88 crore posted in Q3 FY23.
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