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Waaree starts 1.8GW solar module plant, stock drops 5%
Waaree Energies just kicked off operations at its massive new 1.8GW solar module factory in Gujarat. The move is set to boost their production and help meet India's growing appetite for clean energy.
Oddly enough, even with this big step forward, Waaree's stock dropped by nearly 5%, though the source does not specify if this was directly after the news.
Waaree's net profit jumped by 20% in Q1
Earlier last year, Waaree picked up Enel Green Power Development to strengthen its transformer business—this new unit will run independently within the company.
Financially, things are looking up: net profit for April-June jumped 20%, hitting ₹745 crore, while improved efficiency pushed EBITDA up by a whopping 73%.
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