Waaree Energies share price plunged over 6% on Tuesday following the company's September quarter (Q2) results. The recently-listed Waaree Energies shares declined as much as 6.44% to ₹2,914.60 apiece on the BSE.
Waaree Energies on Monday reported a consolidated net profit of ₹361.65 crore for the second quarter of FY25, registering a growth of 14.78% over ₹315.09 crore posted during the same quarter last fiscal year. On a sequential basis, the net profit fell from ₹394.14 crore recorded in the June quarter of FY25.
The company’s revenue from operations in Q2FY25 rose marginally by 1.05% year-on-year (YoY) to ₹3,574.37 crore from ₹3,537.30 crore.
Waaree Energies’ order book stood at 20 gigawatts as of September 30, 2024.
The Board of Directors of Waaree Energies also approved an investment of up to ₹600 crore for the development of infrastructure, including land acquisition and connectivity, to support the establishment of renewable power projects and strengthen its bidding pipeline.
Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi remains bullish on Waaree Energies shares and recommends going long on the stock after today’s fall.
“Waaree Energies stock has formed a bullish pattern on the daily timeframe. I recommend buying the stock on dips with a stop loss at ₹2,700 level. The first target for Waaree Energies shares is ₹3,250 and the second target is at ₹3,350 levels. I suggest going long on the stock and keep booking profits at these target levels,” said Dongre.
Waaree Energies stock made a strong debut on the bourses last month as it listed at ₹2,550 apiece on the BSE, a premium of 69.7% to its issue price of ₹1,503 per share. Waaree Energies shares have jumped over 101% from their IPO price.
The ₹4,321 crore worth IPO of Waaree Energies received strong demand with the offer being subscribed 76.34 times.
At 10:10 am, Waaree Energies shares were trading 4.45% lower at ₹2,976.90 apiece on the BSE.
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