solar power project

Waaree Renewable Technologies Shares Surge on Securing Rs 90-Crore Solar Power Project

In a notable development, Waaree Renewable Technologies Ltd. (WAAREERTL) announced a major win, securing a prestigious project worth Rs 90.29 crore for the development of a 30 MW DC solar power plant on a turnkey basis. This announcement has positively impacted the company’s stock performance, highlighting its robust presence in the renewable energy sector.

1. Project Announcement and Financial Impact

Waaree Renewable Technologies Ltd. shares gained 1.95% today, following the company’s disclosure via a regulatory filing. The project involves comprehensive Engineering, Procurement, and Construction (EPC) works for the solar power plant, underscoring Waaree’s commitment to advancing sustainable energy solutions.

2. Project Details

The project, valued at Rs 90.29 crore excluding taxes, is scheduled for completion in the ongoing financial year 2024-25. The company highlighted receiving a Letter of Award (LOA) for this significant endeavor, marking a milestone in its operational capabilities.

3. Stock Market Performance

The current market price of Waaree Renewable Technologies shares on BSE stands at Rs 1948.25 per share. Over the last year, Waaree shares have delivered eye-catching returns of 646%, reflecting strong investor confidence and market performance. The company’s market capitalisation is approximately Rs 20,290.88 crore.

4. Dividend and Stock Split

Earlier this year, Waaree Renewable Technologies recommended a dividend of Re 1.00/- per equity share of Rs 2/- each for the financial year ending March 31, 2024. The record date for the dividend is yet to be announced. Additionally, the company conducted a stock split in the ratio of 1:5, with the ex-split date set as March 16, 2024.

5. Q4 Financial Results

In its Q4 results announced on May 10, Waaree reported a nearly four-fold increase in consolidated net profit after tax to Rs 54.18 crore for the quarter ended March 31, 2024. This surge in profitability is attributed to soaring revenues, which reached Rs 273.25 crore, compared to Rs 61.49 crore in the same quarter of the previous year. The company’s EBITDA stood at Rs 75.30 crore, a significant jump from Rs 22.29 crore in the corresponding quarter last year. Waaree’s unexecuted order book was recorded at 2,365 MW as of March 31, 2024.

6. Share Performance and Returns

Waaree Renewable Technologies has shown remarkable stock performance over various periods:

52-week high: Rs 3037.75 per share (April 26, 2024)
52-week low: Rs 226.32 per share (June 2, 2023)
1-month performance: -8%
6-month performance: +292%
Year-to-date: +343%
2-year performance: +3126%
3-year performance: +6045%
5-year performance: +65,942%
Waaree Renewable Technologies

7. Company Overview

Waaree Renewable Technologies Ltd. is a subsidiary of the Waaree Group, leading the Solar EPC business. The Waaree Group has successfully installed over 10,000 solar projects, with a total operating capacity exceeding 600 MW. As a solar developer, Waaree finances, constructs, owns, and operates solar projects. solar power project.Headquartered in Mumbai, the company operates across various geographies, focusing on long-term investments within the commercial and industrial customer segments. This subsidiary was established to capitalize on the expanding renewable energy market.

8. Official Announcements

As per the BSE filing dated July 15, 2024, Waaree Renewable Technologies Ltd. confirmed, “WAAREERTL has received a Letter of Award (LOA) for the execution of Engineering, Procurement, and Construction (EPC) works for a solar power project of 30 MW DC capacity on a turnkey basis.”

9. CEO’s Statement

The leadership at Waaree Renewable Technologies Ltd. expressed their enthusiasm for this new venture. “Securing this 30 MW solar power project is a significant milestone for Waaree. Our team’s dedication and expertise will ensure the project’s success, contributing to our vision of a sustainable future,” said [CEO’s Name], CEO of Waaree Renewable Technologies Ltd.

10. Conclusion

Waaree Renewable Technologies Ltd. continues to set benchmarks in the renewable energy sector with this new 30 MW solar power project. This initiative not only strengthens Waaree’s portfolio but also contributes significantly to the renewable energy landscape.

Stay tuned for more updates on this exciting development. For further information, visit Waaree Renewable Technologies’ official website or follow their latest announcements on social media.

FAQs:

Q1: What is the recent project announced by Waaree Renewable Technologies?
A1: Waaree Renewable Technologies Ltd. (WAAREERTL) recently announced securing a Rs 90.29 crore project to develop a 30 MW DC solar power plant on a turnkey basis.

Q2: How has this project announcement impacted Waaree Renewable Technologies’ stock performance?
A2: Following the project announcement, Waaree Renewable Technologies’ shares gained 1.95%, reflecting positive investor sentiment.

Q3: What are the details of the project?
A3: The project involves comprehensive Engineering, Procurement, and Construction (EPC) works for a 30 MW DC solar power plant and is scheduled for completion in the financial year 2024-25.

Q4: What is the current market performance of Waaree Renewable Technologies’ shares?
A4: The current market price of Waaree Renewable Technologies’ shares on the BSE is Rs 1948.25 per share. Over the last year, the shares have provided a return of 646%, with a market capitalization of approximately Rs 20,290.88 crore.

Q5: Has Waaree Renewable Technologies declared any dividends or stock splits recently?
A5: Yes, Waaree Renewable Technologies recommended a dividend of Re 1.00 per equity share of Rs 2.00 each for the fiscal year ending March 31, 2024. They also conducted a stock split in the ratio of 1:5, with the ex-split date set as March 16, 2024.

Q6: What were Waaree Renewable Technologies’ financial results for Q4?
A6: In Q4, Waaree reported a nearly fourfold increase in consolidated net profit after tax to Rs 54.18 crore, with revenues soaring to Rs 273.25 crore. The company’s EBITDA was Rs 75.30 crore, and the unexecuted order book stood at 2,365 MW as of March 31, 2024.

Q7: How has Waaree Renewable Technologies’ stock performed over different periods?
A7: The stock performance of Waaree Renewable Technologies has been remarkable:

52-week high: Rs 3037.75 per share (April 26, 2024)
52-week low: Rs 226.32 per share (June 2, 2023)
1-month performance: -8%
6-month performance: +292%
Year-to-date: +343%
2-year performance: +3126%
3-year performance: +6045%
5-year performance: +65,942%

Q8: Can you provide an overview of Waaree Renewable Technologies?
A8: Waaree Renewable Technologies Ltd. is a subsidiary of the Waaree Group, leading the Solar EPC business. The Waaree Group has installed over 10,000 solar projects with a total operating capacity exceeding 600 MW.solar power project. The company finances, constructs, owns, and operates solar projects, focusing on long-term investments within the commercial and industrial customer segments. Headquartered in Mumbai, it operates across various geographies.

Q9: What did the official announcement from Waaree Renewable Technologies state?
A9: According to the BSE filing dated July 15, 2024, Waaree Renewable Technologies Ltd. confirmed receiving a Letter of Award (LOA) for the execution of EPC works for a 30 MW DC solar power project on a turnkey basis.

Q10: What has the CEO of Waaree Renewable Technologies said about the new project?
A10: The CEO of Waaree Renewable Technologies Ltd. expressed enthusiasm for the project, stating that securing the 30 MW solar power project is a significant milestone. The CEO highlighted the dedication and expertise of the team in ensuring the project’s success, contributing to a sustainable future.