Solar equipment company Waaree Renewable Technologies has bagged a commercial order worth Rs 1,044 crore for the enhancement of a project under its existing EPC contract which entails the works of a solar power plant.
Waaree Renewable Technologies: Project details
The Waaree Group subsidiary has been awarded this project from ‘one of India’s leading Renewable Energy companies’, the company said in its exchange filing. It added that the scope of commercial order aggregates to Rs 1,044.69 crore, inclusive of taxes. This has been enhanced by Rs 30.91 crore.
Under the scope of project Waaree Renewables will carry out the execution of engineering, procurement and construction (EPC) work pertaining to the solar power plant, which has a capacity of 080 MWp/700 MWac.
The timeline of order execution is yet to be mutually agreed upon by both the companies, Waaree Renewables noted. “The aggregate order size remains same as per the 1st disclosure submitted on February 20, 2024 i.e. 980 MWp / 700 MWac,” it added in its filing.
Waaree Renewable Technologies share price
The company’s stock ended Wednesday’s trade flat at Rs 970. Over the past one month it has delivered a return of nearly 4%, while over the past six months too it has climbed up by 4%. So far this year the stock price has remained flat.
Waaree Renewable Technologies: Q4 Financial performance
The company’s net profit for Q4 was posted at Rs 155 crore, surging 66% from Rs 93 crore reported in the same quarter last year. For the Jan-Mar quarter its revenue from operations also jumped by more than 131% to Rs 1,102 crore against Rs 476 crore reported in the year-ago period.
About the company
Waaree Renewable Technologies is a subsidiary of Waaree Group, and is primarily engaged in the business of installation and operation of large-scape renewable energy infrastructure.