Waaree Renewable Technologies has received a Letter of Acceptance from a public sector undertaking for a 5 MWp grid-connected solar photovoltaic project. The domestic commercial order covers turnkey Engineering, Procurement and Construction (EPC) work and comprehensive operations and maintenance services.

The project is scheduled for completion within 12 months from the date of issue of the Letter of Acceptance. This will be followed by a 10-year operations and maintenance period under the terms of the award. The company said its promoter, promoter group and group companies have no interest in the entity awarding the order, and that the contract does not constitute a related party transaction.

Waaree Renewable Technologies reported a 34 per cent year-on-year increase in net profit for the June quarter, supported by higher revenue. Revenue from operations rose 53 per cent year-on-year to Rs. 9.24 bn, while earnings before interest, tax, depreciation and amortisation increased 48 per cent to Rs. 1.73 bn. The EBITDA margin stood at 18.8 per cent, compared with 19.5 per cent in the corresponding quarter a year earlier.

The company’s consolidated unexecuted order book exceeded Rs. 53 bn at the end of the quarter. Its bidding pipeline included more than 37 GWp of solar projects, over 10 GWh of battery energy storage system projects and transmission and distribution opportunities valued at more than Rs. 200 bn.

During the quarter, the company secured a 1,520 MWh battery energy storage system order and a 450 MWp ground-mounted solar power project. It also completed the acquisition of a 55 per cent stake in Associated Power Structures. The company said the acquisition would support its expansion across the clean energy value chain and strengthen its transmission and distribution capabilities.

Shares of Waaree Renewable Technologies ended at Rs. 796.20 on the BSE, down Rs. 16.80, or 2.07 per cent.