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HomeMarket NewsWaaree Renewable shares gain up to 5% on bagging solar project worth ₹346 crore
The order is on an engineering, procurement and construction (EPC) basis. As per the contract, Waaree Renewable Technologies will develop the ground mount solar project.
Shares of Waaree Renewable Technologies Ltd. gained as much as 4.5% on Tuesday, June 3, after the company said it has secured a letter of award for a solar project of 300 mega watt (MW) AC/435 MW DC capacity for ₹346.33 crore from CESC.
The order is on an engineering, procurement and construction (EPC) basis. As per the contract, Waaree Renewable Technologies will develop the ground mount solar project.
The project is scheduled to be completed in financial year 2026.
Waaree Renewables' topline rose 74% to 476 crore in the fourth quarter from ₹273 crore in the previous year. Its net profit surged 83% to ₹94 crore in comparison to ₹51 crore in the fourth quarter of the previous fiscal.
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 62.8% to ₹122.4 crore in the fourth quarter, while its EBITDA margin contracted to 25.7% from 27.5% in the year-ago period.
Shares of Waaree Renewable Technologies gained 4.2% to hit an intraday high of ₹1,067.7 apiece on Tuesday, June 3. The stock was up 2.69% at ₹1,051.7 apiece at 10 am. It has gained 22.7% this year, so far.
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