In an exchange filing made yesterday, the company said that it has signed a letter of award (LoA) with one of India's leading construction company, for the execution of engineering, procurement, construction, and commissioning (EPCC) of a solar power project of 7 MWp DC capacity for their captive requirement along with three years of operation & maintenance work.

The project is scheduled to be completed in the FY 2022-23, as per the terms of order.

Waaree Renewables Technology (WRTL) is subsidiary company of Waaree Group and spearheading the solar EPC business. Waaree Group has successfully installed 10,000 plus solar projects, with a total operating capacity of more than 600 MW. The company is also a solar developer that finances, constructs, owns and operates solar projects.

The company's consolidated net profit rose 87.7% to Rs 8.09 crore on 966.9% jump in revenue from operations to Rs 120.56 crore in Q2 FY23 over Q2 FY22.

The scrip advanced 2.20% to end at Rs 495.55 on the BSE yesterday.