Green energy stock jumps 4% after receiving LoA for solar power project worth ₹ 90.29 Cr – EQ
In Short : A green energy stock surged by 4% after receiving a Letter of Award (LoA) for a solar power project worth ₹90.29 crore. This boost reflects market confidence in the company’s expanding role in the renewable energy sector.
In Detail : The shares of the leading solar panel manufacturer gained up to 4 percent after the company received a Letter of Award (LoA) for Engineering, procurement, and construction (EPC) works for a solar power project worth Rs 90.29 crore.
With a market capitalization of Rs 20,452.83 crore, the shares of Waaree Renewable Technologies Ltd were trading at Rs 1,963.80 per share, increasing around 3 percent as compared to the previous closing price of Rs 1,911.05 apiece.
According to the exchange filing, Waaree Renewable Technologies Ltd received a Letter of Award (LoA) for Engineering, procurement, and construction (EPC) works for a solar power project of 30 MW DC from one of the most diversified manufacturers of specialized seamless tubes in the world, the order valued at Rs 90.29 crore. The project is scheduled to be completed in the financial year 2024- 25.
Financial performance:-
Examining the company’s financial performance, revenue magnified by 347 percent from Rs 61 crore in Q4FY23 to Rs 273 crore in Q4FY24, during the same period net profit soared by 350 percent from Rs 12 crore to Rs 54 crore.
Order Book and Recent Project:-
As of March 2024, Waaree Renewable Technologies had an unexecuted order book totaling 2,365 MW and 704 MWp of successfully executed orders. The company’s order book includes significant projects to be executed within the next 18 months, reflecting a strong pipeline of work in the renewable energy sector.
The major projects included in Waaree Renewable Technologies’ outstanding order book as of March 2024 is diverse and significant. Some of the notable projects are A 70 MW Capacity Ground-mounted solar power project and a 4.27 MW Capacity Rooftop solar power project etc. These projects contribute to Waaree’s robust unexecuted order book, positioning the company strategically in the renewable energy sector for future growth and success.
Remarkable Return:-
The stock has given multi-bagger delivered returns of 294.36 percent in the last six months and 632.19 percent in a year. A shareholder’s investment of Rs. 1 lakh in the company would be worth Rs. 7.32 lakh in a year.
