Waaree Renewable Tech bags LoA worth Rs 740 crore for solar power project – EQ
In Short : Waaree Renewable Technologies Ltd (WRTL) secured a ₹740 crore LoA for EPC services on a 125 MWAC solar project. The project, awarded by a leading power distributor, will be completed in 18 months. Despite reporting an 11% revenue rise, WRTL’s Q3 profit fell 16.7%, and its stock declined 2.69% post-announcement.
In Detail : Waaree Renewable Technologies informed that it has received a letter of award (LOA) worth Rs 740.06 crore for EPC works on a solar power project with a capacity of 125 MWAC (181.3 MWp DC) on a turnkey basis, along with operation and maintenance.
The order was awarded by one of the leading power distribution companies, with a consortium comprising three members, including Waaree Renewable Technologies.
The total order size is 125 MWAC (181.3 MWp DC). The project is scheduled for completion within 18 months from the date of contract signing.
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.
The company’s consolidated net profit fell 16.71% to Rs 53.51 crore in Q3 FY25 as against Rs 64.25 crore posted in Q3 FY24. Revenue from operations increased 11.15% year on year to Rs 360.35 crore in the quarter ended 31 December 2024.
Shares of Waaree Renewable Technologies fell 2.69% to currently trade at Rs 810 on the BSE.
