Waaree Renewable Technologies shares in news as profit triples

Waaree Renewable Technologies has reported a substantial increase in its quarterly financials, highlighted by a 156% rise in revenue to ₹603 crore compared to the same period last year. The company's earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) surged by 183.7% year-on-year to ₹118 crore, leading to an expansion in the EBITDA margin by nearly 200 basis points to 19.54%. Net profit for the quarter more than tripled to ₹86 crore, up from ₹28 crore in the previous year. The company's stock, after reaching a 52-week high of ₹1,272 earlier in the day, closed at ₹1,206, marking a 0.3% increase on the day.

Waaree Renewable's share prices have witnessed a dramatic surge over the past two days, with unprecedented trading volumes. On Wednesday, 1.53 crore shares were traded, followed by 1.1 crore on Tuesday. Thursday saw 60 lakh shares change hands by the last hour of the trading session. Despite this significant volume action, the management clarified that there is "no undisclosed price-sensitive information or any impending announcement to the exchanges" that could explain these volumes, indicating that the movements are "purely market-driven."

The exchanges had sought clarification regarding the remarkable share volume activity during the recent sessions. Waaree Renewable Technologies stated that it is not aware of any specific factor leading to this surge, suggesting the market conditions as a potential influencer. Foreign portfolio investors hold 1.13% of the company, while retail shareholders, with authorised share capital of up to ₹2 lakh, possess 19.21%. As the company continues to perform well financially, it remains a point of interest for stakeholders despite the absence of mutual fund investments.