31 Jan , 2025 By : Debdeep Gupta
Shares of Waaree Energies skyrocketed 14 percent after the company reported stellar earnings for the December quarter, marked by a sharp spike in its net profit.
At 09.50 am, shares of Waaree Energies were trading at Rs 2,385 on the NSE. The surge in the counter was accompanied by a sharp uptick in trading volumes. As many as 26 lakh shares of the company changed hands on the exchanges so far, higher than the one-month daily traded average of 19 lakh shares.
The company reported a four-fold surge in net profit, coming at Rs 492.7 crore in the December quarter, up from Rs 124.5 crore that it reported in the same period last year. Revenue saw a 116 percent jump to Rs 3,457.28 crore, up Rs 596.18 crore in the year-ago period.
Further adding to the optimism, the management commentary also pointed towards better growth prospects in the future. "The momentum in this space is stronger than ever, and we are well-positioned to capitalize on it. We continue to build on our strengths, enhancing scalability and internal efficiencies, which have been reflected in our 9M FY25 performance. Strong execution and disciplined growth remain at the core of our strategy," said Amit Paithankar, whole-time director and CEO, of Waaree Energies.
The company stated that its order book stands at 26.5 GW, valued at around Rs 50,000 crore as of the latest update. Additionally, trial production has begun at its 5.4 GW solar cell manufacturing facility, while commercial production has commenced for a 1.6 GW solar module line in the US.
"The US contributed around 15 to 20 percent of our revenue mix. As we expand globally, we are strengthening our presence in high-potential regions, ensuring we stay ahead in this fast-evolving industry. We are excited about the road ahead and remain committed to driving meaningful change in the energy landscape," said Paithankar.
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