Shares of Waaree Energies dropped over 5% to an intraday low of Rs 2,916 on the NSE after the company reported its first earnings post-listing. The solar PV manufacturer posted a 15% year-on-year (YoY) increase in net profit, reaching Rs 362 crore for the second quarter.
Revenue and Earnings Growth
For the second quarter, Waaree Energies posted revenue from operations at Rs 3,574 crore, reflecting a modest 1% YoY increase. The company’s other income saw a notable rise, more than doubling YoY to Rs 89 crore.
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Meanwhile, total expenses for the September quarter remained steady at Rs 3,165 crore, indicating effective cost management amid modest revenue growth.
FY24 Performance Highlights
For FY24, Waaree Energies reported robust growth in its annual financials, with revenue from operations increasing by 69% YoY to Rs 11,398 crore. The company’s profit after tax also demonstrated strong growth, more than doubling to Rs 1,274 crore, underscoring Waaree’s expanding profitability.
US Expansion and Future Plans
In a strategic move to diversify its operations and enhance its global footprint, Waaree Energies is setting up a 3 GW manufacturing facility in the United States.
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This expansion aligns with the company’s efforts to solidify its position in the solar PV market and tap into growing demand for renewable energy solutions.
Analyst on Waaree Energies
Commenting on the technical outlook Anshul Jain, Head of Research at Lakshmishree investments said that Waaree Energies made a high-octane market debut, witnessing strong buying interest post-listing. The stock initially surged, peaking around the Rs 3,700 mark, but profit booking soon kicked in, causing the rally to lose steam. Following the initial excitement, the stock has entered a consolidation phase.
Jain also added that currently, it is range-bound, with resistance at Rs 3,250 and support near Rs 2,750. We believe this phase is likely to continue over the next few weeks as investors reassess their positions and await further triggers for range expansion.
Stock Performance Since Listing
The solar PV manufacturer’s debut on the stock market last month was remarkable, with shares listing at a 70% premium and rallying an additional 40% before seeing a pullback to hit all time high of Rs 3,743 on NSE,
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