In an exchange filing, the power generation company said that it has received a letter of award (LoA) for the execution of engineering, procurement and construction (EPC) works for solar power project of 1.090 MWp DC capacity on turnkey basis.

The said project has been awarded by a leading company in metal recycling, specialty chemicals, metal intermediates, mining, industrial gas production, mineral exploration and engineering services.

The project is expected to be completed in the FY 2024-25, subject to the terms and conditions of the order. The cost of project is approximately Rs 4.12 crore.

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 jumped 81.7% to Rs 12.28 crore in Q4 FY23 as compared with Rs 6.76 crore in Q4 FY22. Net sales declined 19.8% year on year to Rs 61.49 crore in Q4 FY23.

The scrip slipped 1.62% to currently trade at Rs 1,954 on the BSE.