Heavy buying: Back-to-back upper circuit in this multibagger solar power stock; reports a 340 per cent jump in PAT!

Shares of the company gained more than 700 per cent in the last six months.

Shares of Waaree Renewables Technologies Limited were locked in the upper circuit on Wednesday, gaining 5.00 per cent. The stock has witnessed heavy buying activity from investors in the last few days. Hence, the stock is locked in the upper circuit.

Recently, Waaree Renewables has secured a Letter of Intent (LOI) for a domestic solar power project. The project involves engineering, procurement, and construction (EPC) for a 700 KW DC capacity solar power plant on a turnkey basis, including one year of operation and maintenance services. Valued at approximately Rs 4.89 crore (excluding taxes), the project is scheduled for completion in phases within the financial year 2024-25.

The company also posted robust Quarterly Results. The revenue of the company for Q4FY24 stood at Rs 273.25 crore which increased by 344.41 per cent YoY. The operating profit of the company stood at Rs 76.64 crore, while the PAT of the company stood at Rs 54.19 crore, from a profit of Rs 12.28 crore last year same quarter (340 per cent increase).

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 1,000 per cent return in the last one year and FIIs have increased their stake in the company in March 2024.

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.