15,000 per cent returns and DIIs increase stake: This multibagger renewable energy stock bags a 300 MW solar PV project worth Rs 1,401 crore!
Shares of the company gained more than 850 per cent in the last one year.
Waaree Renewables has received a Letter of Intent (LOI) from North Eastern Electric Power Corporation Limited (NEEPCO) to execute a 300 MW AC ISTS-connected solar PV project in India. This project, valued at approximately Rs. 1,401 crores (including O&M and excluding taxes), involves engineering, procurement, construction, and land development on a turnkey basis, followed by three years of operation and maintenance services.
Also read, Intraday Trading vs. Long-Term Investing: Exploring the Risks and Rewards
The project is expected to be completed in phases throughout the 2025-26 financial year. This win strengthens Waaree Renewables' position in the domestic solar energy sector and contributes to promoting clean energy solutions in the region.
The company posted robust Quarterly Results. The revenue of the company for Q3FY24 stood at Rs 324.19 crore which increased by 338.78 per cent YoY. The operating profit of the company stood at Rs 88.30 crore, while the PAT of the company stood at Rs 64.46 crore, from a profit of Rs 24.98 crore last year same quarter.
Waaree Renewables Technologies Limited is engaged in the business of generation of power through renewable energy sources and also provides consultancy services in this regard. Waaree Energy is one of the largest vertically integrated new energy companies. It has India's largest Solar panel manufacturing capacity of 12GW at its plants in Chikhli, Surat and Umbergaon in Gujarat. The stock has delivered multibagger returns of over 15,000 per cent return in the last three years and DIIs have increased their stake in the company in December, 2023.
The stock has shown tremendous growth, and investors should keep a close eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.
DSIJ’s 'Multibagger Pick’ service recommends well researched multibagger stocks with High Returns potential. If this interests you, do download the service details here.