This high ROE large-cap stock secured a 4.27 MW DC solar power project; company to realise revenue of 897+ MW unexecuted order book

This renewables technology company has Return of Equity of 95 per cent.

Waaree Renewable Technologies, a leading solar EPC company, today announced that it has secured a Letter of Intent (LOI) for the execution of Engineering, Procurement and Construction (EPC) works for a 4.27 MW DC solar power project on a turnkey basis. The order has been secured from a leading integrated glass and window solution company.

The project is expected to be completed within a period of six months. Upon completion, the project will generate approximately 5.5 million units of electricity annually, which will help to offset the client’s carbon footprint and reduce its reliance on fossil fuels.

The company's revenues increased by 29.41 per cent from Rs 215.11 crore in H1FY23 to Rs 279.00 crore in H1FY24.  The company's operating profit also increased significantly, by 71.78 per cent from Rs 25.63 crore in H1FY23 to Rs 44.08 crore in H1FY24. The company's PBT increased by 74.91 per cent from Rs 23.41 crore in H1FY23 to Rs 40.31 crore in H1FY24. 

The company's unexecuted order book as of date is 897+ MW, which is a significant increase from 670+ MW as of March 31, 2023. The company successfully executed 264.55+ MWp of solar projects in H1FY24, which is a significant increase from 162.11+ MWp in H1FY23. The company generated Rs 5.15 crore of revenue from O&M (operations and maintenance) services in H1FY24, which is a significant increase from Rs 3.21 crore in H1FY23. 

The PAT has increased from Rs 8.16 crore in Q2FY23 to Rs. 18.29 crore in Q2FY24, a growth of 124 per cent. The PAT margin has also increased from 6.1 per cent in Q2FY23 to 12.19 per cent in Q2FY24.

Over the past three months, Waaree Renewables Technologies has exhibited a robust performance, showcasing a notable growth of 32.97 per cent. Looking at the broader picture over the past year, the company has demonstrated remarkable resilience and substantial progress, with a significant surge of 169.22 per cent.

About Waaree Renewable Technologies

Waaree Renewable Technologies is a leading solar EPC company with a proven track record of success. The company has a pan-India presence and has executed over 4,000 MW of solar projects across the country. Waaree is committed to providing its clients with world-class solar power solutions that are both cost-effective and sustainable.

Disclaimer: The article is for informational purposes only and not investment advice.