Multibagger stock: Waaree Renewable Technologies soars 5% on ₹990 crore order win
Waaree Renewable Technologies, the solar EPC arm of Waaree Group, saw its shares surge by 5% to ₹4,650 each in today's intraday trading. This increase followed the company securing a significant Letter of Award (LOA) for executing engineering, procurement, and construction (EPC) duties for a solar power plant of 980 MWp. The contract, valued at ₹990.60 crore, was granted by one of India’s leading renewable energy firms.
With this new order, the company's unexecuted order book now stands at 2.141 GW, as the per the company's exchange filing. Also Read: Paytm stock hits 5% upper circuit for 3rd straight day; 5 factors driving the rally The company is primarily engaged in the business of renewable energy solutions, with a specific focus on solar power. The company operates as a solar engineering, procurement, and construction (EPC) company.
It is also a solar developer that finances, constructs, owns, and operates solar projects. Fueled by strong order wins, the company's shares have witnessed remarkable growth, soaring by 626% over the past year. Impressively, they have surged by 1164% and 13719% over the last two and three years, respectively.
Reflecting on the past five years, the stock has delivered an astonishing return of 34345%. Also Read: Citi replaces RIL with BPCL post Q3 earnings; a look at its model portfolio and earnings upgrades/downgrades On the fundamental front, the company reported a 158% jump in its consolidated net profit to ₹64.46 in Q3 FY24 crore as compared to ₹24.98 crore for the same period last year. In the preceding September quarter, the company reported a PAT of ₹18.30 crore, which is an increase of 252.26%.
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