Waaree Energies shares in focus today, here's why

Shares of solar panel maker Waaree Energies Ltd are in news today after the firm said it inaugurated its advanced 5.4 GW solar cell gigafactory facility in Chikhli, Gujarat. The facility is equipped with world-class high-efficiency solar cell technology. It will create over 9500 direct jobs and around 30,000 indirect employment opportunities, significantly contributing to local economic development. 

"Waaree's commitment to indigenous manufacturing aligns perfectly with our national vision of establishing India as a global manufacturing hub fr clean energy technologies," Pralhad Joshi, the minister of new and renewable energy, said.

The stock slipped 1.18% on Friday to Rs 2405.80 against the previous close of Rs 2434.60. The market cap of the firm stood at Rs 69,114 crore .

Total 0.40 lakh shares of the firm changed hands amounting to a turnover of Rs 9.70 crore on BSE.

Waaree Energies reported a 295% YoY rise in Q3 profit to Rs 492.68 crore compared to Rs 124.5 crore in the year-ago quarter. Revenue climbed 116% YoY to Rs 3,457.28 crore in Q3 against Rs 1,596 crore in the same quarter of the the previous fiscal. 

The renewable energy player reported an order book of 26.5 GW valued at Rs 50,000 crore as of January 30, 2024.

EBITDA (earnings before interest, taxes, depreciation and amortisation) rose 256.97% YoY to Rs 809.7 crore in Q3FY25 compared to Rs 226.82 crore in Q3FY24.

Waaree Energies also started trial production at a 5.4 GW solar cell manufacturing facility and kickstarted commercial production at a 1.6 GW solar module line in the US. Waaree Energies reported a 68% YoY growth in production at 1.81 GW in Q3FY25.

Waaree Energies is an Indian manufacturer of solar PV modules with an aggregate installed capacity of 12 GW. Its product portfolio includes solar energy products consisting of the PV modules such as multicrystalline modules; Monocrystalline modules; and TopCon modules.