Waaree Renewable Technologies said on Thursday (October 8) that it got a 5 MWp grid-connected solar project from a public sector undertaking. The company will handle engineering and construction work for 12 months. CFO Manmohan Sharma said, "This strengthens our capabilities in transmission and distribution," as the firm expands operations.

Waaree Renewable Technologies Ltd on Thursday (October 8) said it has received a Letter of Acceptance from a public sector undertaking (PSU) for a 5 MWp grid-connected solar photovoltaic (PV) project.

The order involves turnkey Engineering, Procurement and Construction (EPC) work along with comprehensive operations and maintenance for a period of 10 years.

The project is a domestic commercial order and is to be completed within 12 months from the date of issue of the Letter of Acceptance, followed by the 10-year operations and maintenance period, as per the terms of the award.

The order size is 5 MWp. Waaree Renewable Technologies said its promoter, promoter group and group companies have no interest in the entity awarding the order. The company also said the order does not fall under related party transactions.

First Quarter Results

Waaree Renewable Technologies reported a 34% year-on-year rise in net profit for the June quarter, driven by strong revenue growth. Revenue from operations rose 53% year-on-year to ₹924 crore during the quarter, while EBITDA increased 48% to ₹173 crore. The company's EBITDA margin stood at 18.8%, compared with 19.5% in the corresponding quarter last year.

The company said its consolidated unexecuted order book stood at more than ₹5,300 crore at the end of the quarter. Its bidding pipeline includes more than 37 GWp of solar projects, over 10 GWh of battery energy storage system (BESS) projects and transmission and distribution opportunities worth more than ₹20,000 crore.

During the quarter, the company secured a 1,520 MWh BESS order and a 450 MWp ground-mounted solar power project. Waaree Renewable said it is broadening its presence across the clean energy value chain through adjacent businesses. During the quarter, it completed the acquisition of a 55% stake in Associated Power Structures Pvt. Ltd.

Manmohan Sharma, CFO, Waaree Renewable Technologies Limited, said, "This strengthens our capabilities in transmission and distribution (T&D), enabling us to offer integrated solutions while continuing to expand our renewable EPC business in a disciplined and scalable manner."

Shares of Waaree Renewable Technologies Ltd ended at ₹796.20, down by ₹16.80, or 2.07%, on the BSE.