Shares of Waaree Energies declined 2% on February 27, despite the company’s latest order for 410 MWp solar modules from ABREL EPC, a wholly-owned subsidiary of Aditya Birla Renewables. ABREL EPC is engaged in developing, owning, and operating renewable energy projects across India.
As of 11:46 am the shares were trading 2.03% lower at ₹2,222.65 on NSE.
This marks another significant deal for Waaree Energies, which previously secured a 362.5 MWp module supply order from Khaba Renewable Energy, a subsidiary of Engie India, on February 20.
Key Developments Driving Waaree Energies’ Growth
- Manufacturing Expansion: The company recently commenced commercial production at its 1.4 GW Monocrystalline PERC (Mono PERC) solar cell facility in Chikhli, Gujarat earlier this month.
- Strong Financial Performance: In Q3 FY24, Waaree Energies reported a four-fold increase in net profit, reaching Rs 492.7 crore, compared to Rs 124.5 crore in Q3 FY23.
- Revenue Surge: The company’s revenue surged 116% YoY to Rs 3,457.28 crore, compared to Rs 1,596.18 crore in the same period last year.
With growing demand for solar energy solutions and expanding manufacturing capabilities, Waaree Energies remains a key player in India’s renewable energy sector. The latest orders reinforce its position as a leading solar module supplier in the country.
