Waaree Technologies Bags Order For 530 Solar Kits From Group Firm

Waaree Technologies Ltd. announced on Friday that it received an order for 530 solar kits from group firm Waaree Renewable Technologies Ltd.

The kits comprising batteries and solar panel powered street lights, among other equipment, are to be delivered within eight weeks, according to the exchange filing by Waaree Technologies.

The lithium-ion battery maker, while disclosing the related party transaction, didn’t reveal the contract value.

The promoter of Waaree Technologies is also the director in Waaree Renewable Technologies. However, the company has stated in the filing that the transaction was done at “arm’s length”.

Waaree Group is a leading conglomerate in the renewable energy sector in India, which focuses on solar energy solutions and energy storage systems.

Among group companies, Waaree Energies Ltd. is the flagship company. Waaree Renewable Technologies focuses on providing engineering, procurement, and construction services in the solar energy sector.

Earlier this month, the recently-listed Waaree Energies Ltd. had reported that its revenue for the second quarter rose 1% year-on-year to Rs 3,754.38 crore from Rs 3,537.3 crore.

Waaree Energies' consolidated net profit rose 17% YoY to Rs 375.66 crore for the second quarter ended September. The company attributed the rise in net profit to the company deferring tax payment, which pulled down the total tax payable.

On Friday, shares of Waaree Technologies Ltd. had closed 2% lower at Rs 781.75 on the BSE, while the benchmark Sensex ended with a gain of 2.54% at 79,117.11.