Shares of Waaree Renewable Technologies Ltd have rallied 8150% in the last three years. The small cap stock, which closed at Rs 9.85 on April 3 rose to a record high of Rs 824.80 on the BSE today. An amount of Rs 1 lakh invested in the shares of Waaree Renewable three years ago would have turned into Rs 83.73 lakh today. In comparison, Sensex has risen 116.75 per cent during the period. The stock rose 2.96% to Rs 824.80 on BSE today. It has gained 7.26% in the last five sessions. The stock opened higher at Rs 809.70 today against the previous close of Rs 801.05 on BSE.
Read More:- Digital Transformation: Realising Fortunes At The Bottom of The Pyramid
Waaree Renewable Technologies stock saw buying sentiment today after the company said it has bagged an order to build a 221.8 MWp solar power project from a steel maker.
“We have received a Letter of Award (LoA) from one of India’s leading steel manufacturing companies for the execution of Engineering, Procurement and Construction (EPC) works of a solar power project of 221.8 MWp DC capacity,” it said. The order is placed by a renewable energy arm of one of India’s leading steel manufacturing companies.
In terms of technicals, the relative strength index (RSI) of the stock stands at 79.9, signaling it’s strongly overbought. Waaree Renewable shares have a beta of 0.7, indicating very low volatility in a year. Waaree Renewable shares are trading higher than the 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
Read More:- Go Digit General Insurance re-files IPO papers with Sebi
The stock has risen 118% in one year and gained 62.43% since the beginning of this year. The share has climbed 29% in a month. Total 0.25 lakh shares of the firm changed hands amounting to a turnover of Rs 2 crore on BSE. Market cap of the firm stood at Rs 1,677.68 crore on BSE.
One promoter held 74.51 per cent stake in the firm and 9971 public shareholders owned 25.49 per cent for the quarter ended December 2022. Of these, 9539 public shareholders held 23.85 lakh shares or 11.46% stake with capital up to Rs 2 lakh. Only 23 shareholders with 5.51% stake held capital above Rs 2 lakh for the quarter ended December 2022.
Read More:- RBI Monetary Policy April 2023: Key Numbers You Can’t Miss To Know
Financial Performance
The stellar rally in the Waaree Renewable stock reflects the financial performance of the firm in the last three years. In the December quarter, the firm reported a 9928% rise in net profit to Rs 25.04 crore against Rs 0.25 crore in the corresponding quarter of previous fiscal. Sales rose 63% to Rs 73.88 crore in the December quarter against Rs 45.35 crore in the December quarter of 2021.
Operating profit rose 726.56% to Rs 35.79 crore for the quarter ended December against Rs 4.33 crore in the corresponding quarter of the previous fiscal.
On a quarter-on-quarter basis, the firm reported a 209% rise in net profit from Rs 8.09 crore in the September 2022 quarter. However, sales fell 38.72% from Rs 120.56 crore in Q2 of the last fiscal.
On an annual basis, net profit zoomed 462.87% to Rs 8.60 crore for the fiscal ended March 2022 against loss of Rs 2.37 crore for the fiscal ended March 2021. For the fiscal ended 2020, net loss stood at Rs 3.18 crore.
Sales climbed 1144% to Rs 161.50 crore in the March 2022 fiscal against Rs 12.98 crore for the fiscal ended March 2021. For the fiscal ended 2020, sales stood at Rs 5.66 crore.
About the Company
Waaree Renewables Technologies Limited (WRTL), formally known as Sangam Renewables Limited) is a subsidiary company of Waaree Group and spearheads the Solar EPC business. Waaree Group has successfully installed 10000 plus solar projects, with a total operating capacity of 600 plus MW.
