Shares of Waaree Renewable Technologies Ltd surged 4% on 3 June after the company announced securing a letter of award from CESC for a 300 MW AC/435 MW DC solar project for Rs 346.33 crore.

The order is an engineering, procurement, and construction (EPC) contract. According to the contract, Waaree Renewable Technologies will build the ground-mounted solar plant.

However, the project is set to be finished in the fiscal year 2026.

Waaree Renewables’ revenue increased 74% to Rs 476 crore in the fourth quarter, up from Rs 273 crore the previous year. The net profit increased by 83% to Rs 94 crore from Rs 51 crore in Q4 of the previous fiscal year.

In the fourth quarter, the company’s earnings before interest, taxes, depreciation and amortization (EBITDA) climbed by 62.8% to Rs 122.4 crore. However, the EBITDA margin decreased to 25.7% from 27.5% the previous year.

At 11:39 am, the shares of Waaree Renewable were trading 1.58% higher at Rs 1,040.40 on NSE.

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