Rs 8 to Rs 1,258: This solar stock turned into a multibagger in three years, hit record high today

Shares of multibagger Waaree Renewable Technologies Ltd have rallied over 15,000% in the last three years. The solar panel maker stock, which closed at Rs 8.2 on July 10, 2020 rose to a record high of Rs 1257.90 on July 13, 2023 on BSE. An amount of Rs 1 lakh invested in the cshares three years ago would have turned into Rs 1.53 crore today. In comparison, Sensex has risen 79.82 per cent during the period.  

The stock closed at Rs 1211 in the previous session. Waaree Renewable stock opened higher at Rs 1224 on BSE. It rose 3.87% intraday to Rs 1257.90, a record high on BSE. The stock hit a 52 week low of Rs 290.10 on July 29, 2022. 

Total 0.34 lakh shares of the firm changed hands amounting to a turnover of Rs 4.23 crore in the session. Market cap of Waaree Renewable Technologies climbed to Rs 2621 crore on BSE.   

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One promoter held 74.51 per cent stake in the firm and 11,119 public shareholders owned 25.49 per cent for the quarter ended March 2023. Of these, 10646 resident individuals held 24.12 lakh shares or 11.69% stake with capital up to Rs 2 lakh. Only 22 shareholders with 5.08% stake held capital above Rs 2 lakh for the quarter ended March 2023.   

In terms of technicals, the relative strength index (RSI) of Waaree Renewable stands at 68.9, signaling it's trading neither in the overbought zone nor in the oversold zone. Waaree Renewable stock has a one-year beta of 0.3, indicating very low volatility during the period. Waaree Renewable shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.    

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In the March 2023 quarter, the firm reported a revenue of Rs 60.7 crore against Rs 74.9 crore profit in the corresponding quarter of previous fiscal. Net profit almost doubled to Rs 15.6 crore in the March 2023 quarter against Rs 8 crore in the March quarter of 2022.  Operating profit climbed to Rs 21.1 crore for the quarter ended March 2023 against Rs 9.8 crore in the corresponding quarter of the previous fiscal.  

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On an annual basis, net profit zoomed to Rs 59.4 crore for the fiscal ended March 2023 against profit of Rs 20.4 crore for the fiscal ended March 2022. For the fiscal ended 2021, profit stood at Rs 2.3 crore. Sales climbed to Rs 346.19 crore in the March 2023 fiscal against Rs 167.9 crore for the fiscal ended March 2022. For the fiscal ended 2021, sales stood at Rs 11.3 crore.   

On July 6 , 2023, the company said it received a work order for turnkey Engineering, Procurement and Construction (EPC) services in respect of setting up of a solar power project of 100 MWp capacity along with five years of operation and maintenance services. 

On July 3 this year, Waaree Renewable Technologies said the company had successfully commissioned 122.50 MW DC solar power project for the customer out of aforesaid 210 MW DC capacity. The letter of Award in respect of EPC services for 210 MW DC solar power plant was received on Octobr 29, 2021, the company added.  

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.  

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