Waaree Energies on November 18 announced that the firm’s board has approved an investment of Rs 600 crore into its wholly owned units to set up and develop infrastructure (including land and connectivity) for the purpose of developing renewable power projects and bidding pipeline, a stock filing said.

The board also discussed entering the manufacturing of electrolyser for green hydrogen and building a manufacturing plant for lithium ion advanced chemistry storage cell and energy storage system, the company statement said.

A detailed plan about the projects and investments will be disclosed in the next two months, the statement said.

The company also declared a 14.77 percent jump in net profit at Rs 361.65 crore in the September 30 ended quarter, compared to Rs 315.09 crore in the same period of the previous financial year.

In the June quarter of FY25, the company had posted a net profit of Rs 394.14 crore, according to the exchange filing.

The company’s revenue from operations remained stagnant at Rs 3,574.37 crore in the reporter quarter, gaining a little over 1 percent compared to Rs 3,537.30 crore reported in the year-ago period.

Last month, Waaree Energies made a strong stock market debut after listing at Rs 2,500, commanding a solid premium of 66.3 percent over the issue price of Rs 1,503 per share on the National Stock Exchange (NSE).

The Rs 4,321-crore IPO witnessed strong demand with the offer being oversubscribed 76.34 times.

On November 18, the stock of the company closed 6.46 percent higher at Rs 3,106 on NSE.

Waaree Energies, one of the major players in the solar energy industry in India, is focused on PV module manufacturing with an aggregate installed capacity of 12 GW as of June 30, 2023. It operates five manufacturing facilities with one factory each, located at Surat, Tumb, Nandigram and Chikhli in Gujarat, and the IndoSolar Facility, in Noida, Uttar Pradesh.