The share price of Indian Renewable Energy Development Agency (IREDA) gains over 9% as the navratna PSU on Friday reported robust growth during the first quarter of the financial year 2024-25. The share price of IREDA jumped 9.05% to record highs of Rs 310 on NSE.
IREDA Q1FY25 Performance
Indian Renewable Energy Development Agency (IREDA) announced a net profit of Rs 384 crore for the quarter ended June 30, 2024, marking a significant 30% increase from Rs 295 crore reported in the year-ago period.
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Revenue from operations surged to Rs 1,502 crore in the quarter, up by over 32% compared to Rs 1,144 crore in the corresponding quarter of the previous financial year.
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The state-run NBFC sanctioned loans amounting to Rs 9,210 crore, a substantial 387% increase from Rs 1,892 crore sanctioned previously. Disbursements totaled Rs 5,326 crore, up by 68% from Rs 3,173 crore disbursed in the year-ago period.
As of June 30, 2024, IREDA’s loan book stood at Rs 63,207 crore, marking a 34% increase from Rs 47,207 crore in Q1FY24. The company’s net worth also grew to Rs 9,110 crore from Rs 6,290 crore, reflecting a 45% increase.
IREDA reported a decrease in net non-performing assets (NPAs) to 0.95% from 1.61%, marking a 41.01% improvement in percentage terms, according to the company filing.
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Stock Performance in Last One Year
In terms of stock performance, IREDA shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 67.64% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 145.16%, indicating a strong upward trend.
Year-to-date, IREDA shares have surged by 185.33%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 398.58% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
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