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.
Should you buy Waaree Energies shares?
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 price update
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.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
