Shares of Waaree Renewable Technologies Ltd hit a 5% upper circuit on 31 May after the company announced securing an order worth Rs 65 crore. 

In its regulatory filing, the company said that they have received a new work order worth Rs 65.22 crore from a leading steel manufacturing company for the execution of engineering, procurement, and construction (EPC) for a solar power project with a capacity of 26.4 megawatts (MW) DC. 

In its quarterly earnings for January-March, the company reported a multi-fold increase in net profit to Rs 148 crore for the quarter under review from Rs 55 crore reported in the same quarter last year. 

The revenue from operations of the company during the quarter stood at R 876 crore, marking a 150% year-on-year increase from Rs 351 crore reported in the corresponding quarter of the previous fiscal year. 

The company generates power through renewable energy sources and offers consultancy services in this field. It currently has an order book for 2,365 megawatt peak (MWp) that has not yet been executed.

Their range of solutions includes rooftop solar, floating solar, ground-mounted solar, off-grid inverters, energy storage solutions, solar products, lithium-ion batteries, water pumps, streetlights, EPC services, and more.

They have established a strong customer base, including prominent companies such as Reliance Industries, BPCL, Adani, Mondelez, Aditya Birla, Larsen & Toubro, NTPC, Jindal Power, and others.

At 3:30 pm, the shares of Waaree Renewable closed 4.71% higher at Rs 2,393 on NSE.