Shares of Waaree Energies witnessed a sharp decline on Tuesday after the company announced its Q2FY25 results. The stock fell 6.44% to ₹2,914.60 on BSE.
Q2FY25 financial performance
The company reported a consolidated net profit of ₹361.65 crore in the second quarter, showing a growth of 14.78% from ₹315.09 crore in the corresponding quarter of the previous financial year. However, net profit declined by ₹394.14 crore on quarter-on-quarter (QoQ) basis (Q1FY25).
Waaree Energies’ operational revenue grew marginally by 1.05% at ₹3,574.37 crore in Q2FY25 from ₹3,537.30 crore in the same quarter last year.
Order book and future plans
The company’s order book stood at 20 GW till September 30, 2024.
The Board has approved investment up to ₹600 crore. This investment will be made for infrastructure development, land acquisition and connectivity, to strengthen the setup and bidding pipeline of renewable energy projects.
Should Waaree Energies buy shares?
Ganesh Dongre, Senior Manager (Technical Research) at Anand Rathi is positive on Waaree Energies and recommends buying the stock after today’s fall.
He said:
The stock has formed a bullish pattern on the daily timeframe.
During dips, buying should be done keeping the stoploss at ₹2,700.
Book profits at first target ₹3,250 and second target ₹3,350.
Waaree Energies stock performance
Waaree Energies had made a strong debut in the stock market last month. Its shares were listed at ₹2,550, which was a 69.7% premium to the IPO price of ₹1,503.
The stock has registered a gain of 101% so far from the IPO price. Waaree Energies’ ₹4,321 crore IPO received an overwhelming response, being subscribed 76.34 times.
share price update
At 10:10 am, shares of Waaree Energies were trading at ₹2,976.90, down 4.45%.
Disclaimer: This information is for informational purposes only and should not be construed as investment advice. It is recommended to consult a financial advisor before making investment decisions.