Waaree Renewable Technologies Ltd announced on Thursday (October 8) that it has received a Letter of Acceptance from a public sector undertaking (PSU) for a 5 MWp grid-connected solar photovoltaic (PV) project. According to reports from CNBC TV18, the order involves turnkey Engineering, Procurement and Construction (EPC) work along with comprehensive operations and maintenance for a period of 10 years. The project is classified as a domestic commercial order and is scheduled to be completed within 12 months from the date of issue of the Letter of Acceptance, followed by the 10-year operations and maintenance period.
Waaree Renewable Technologies reported strong financial results for the June quarter, with net profit rising 34% year-on-year. As reported by CNBC TV18, revenue from operations increased 53% year-on-year to ₹924 crore during the quarter, while EBITDA grew 48% to ₹173 crore. The company's EBITDA margin stood at 18.8%, compared with 19.5% in the corresponding quarter last year. The company's consolidated unexecuted order book stood at more than ₹5,300 crore at the end of the quarter.
According to CNBC TV18 reports, Waaree Renewable's bidding pipeline includes more than 37 GWp of solar projects, over 10 GWh of battery energy storage system (BESS) projects and transmission and distribution opportunities worth more than ₹20,000 crore. During the quarter, the company secured a 1,520 MWh BESS order and a 450 MWp ground-mounted solar power project. The company completed the acquisition of a 55% stake in Associated Power Structures Pvt. Ltd. to broaden its presence across the clean energy value chain through adjacent businesses.
As reported by CNBC TV18, shares of Waaree Renewable Technologies Ltd ended at ₹796.20, down by ₹16.80, or 2.07% on the BSE. The company confirmed that its promoter, promoter group and group companies have no interest in the entity awarding the order, and the order does not fall under related party transactions.
