Waaree Renewable jumps 7% on securing letter of intent from wind energy company

Over the past 3 months, shares of Waaree Renewable Technologies tumbled over 36 percent

Shares of Waaree Renewable Technologies jumped up to 7 percent to Rs 1,118 apiece on January 20 after the company received a letter of intent (LOI) from a prominent wind energy company.

Over the past 3 months, shares of Waaree Renewable Technologies tumbled over 36 percent, underperforming 6 percent decline in the benchmark Nifty 50 index. Earlier, Waaree Renewable shares had hit 52-week low of Rs 530 per share on January 19, 2024.

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The LOI pertains to the Engineering, Procurement, and Construction (EPC) of a 105 MWp (DC) ground-mount solar power project on a turnkey basis, scheduled for completion in FY2025-26.

Waaree Renewable Technologies specialises in renewable energy, focusing on manufacturing solar panels, inverters, and energy storage systems for residential, commercial, and industrial clients.

Recently, the company reported a disappointing third quarter (Q3FY25) performance. It saw consolidated profit after tax (PAT) drop by 16 percent year-on-year (YoY) to Rs 53 crore, while consolidated revenue from operations increased by 11 percent YoY to Rs 360 crore.

“The EPC segment delivered exceptional performance, achieving customer revenue of Rs 1,093.99 crore for a volume of 1,024.92 MWp, compared to Rs 580.80 crore for a volume of 473.44 MWp,” the company said.

At the operating level, the company's EBITDA also saw a drop of 18 percent YoY to Rs 71 crore in Q3FY25 from Rs 87 crore in Q3FY24. Waaree Renewable also declared an interim dividend of Re 1 per share for every equity share with a face value of Rs 2 each. The company fixed January 24 as the record date to determine the eligibility of shareholders for the payment of said dividend.

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