Waaree Renewable Q3 Outlook: Net Profit Slumps, Stock Dips 6%

Shares of Waare Renewable Technologies Ltd ended 6% lower on Thursday’s trading session as the company reported its Q3 earnings. While Waare Energies dipped by 6% to ₹1076.75 on BSE, market capitalisation fell to ₹11,224.75 crore.

Close to 13.33 lakh shares of Waaree Renewable changed hands totalling to a turnover of ₹151.25 crore. Surprisingly, the share hit a 52-week high of ₹3037.75 on April 26 but slipped to a 52-week low of ₹493 on January 17, 2024. Last year, the company's board approved the listing of its equity shares on National Stock Exchange of India (NSE).

In Q3, net profit slumped by 17% to ₹ 53.50 crore as compared to post-tax profit of ₹64.25 crore. On a QoQ basis, profit slumped lower than ₹53.51 crore posted in Q2 FY25.

The company also announced a dividend of ₹1 per equity share of Rs 2 each. The dividend will be distributed to shareholders on January 24.

In an exchange filing, Waare Group said, “The interim dividend is payable to those members whose names appear in the Register of Members of the Company or, will appear as beneficial owners as per particulars furnished by the Depositories at the close of the business on 24th January 2025, being the 'record date' to ascertain the eligibility of members to receive the said interim dividend.”

Shares of Waaree Renewable are trading lower than the 10 day, 20 day, 50 day, 100 day and 200 day moving averages. The stock soared 108% in one year and rose 986% in two years. In three years, the stock has gained 1410.80%.