In comparison to the same quarter last year, when sales were Rs 868.98 crore, IREDA said that their sales for the quarter increased by 44.21 percent to Rs 1,253.20 crore.
Market Updates : In its first-ever results released on Saturday, Indian Renewable Energy Development Agency Ltd. (IREDA) reported that its net profit for the December quarter increased 67% to Rs 335.54 crore, driven primarily by growth in the loan book and a notable decline in net non-performing assets (NPAs) from 2.03% to 1.52 percent year over year.
Compared to the same quarter last year, when revenue from operations was Rs 868.98 crore, it increased by 44.21 percent to Rs 1,253.20 crore this quarter. According to IREDA, its loan book increased by 33.50 percent year over year to Rs 50,579.67 crore from Rs 37,887.69 crore.
On the BSE, IREDA shares were locked at the 10% upper circuit limit, or Rs 148.90. The stock has increased 365% from its Rs 32 IPO issuance price to this point. When IREDA went public last year, it received positive feedback. Its shares were listed on the NSE and BSE on November 29, 2023, at a premium of around 56 over the IPO issue price.
According to IREDA, its net value increased by 45.49 percent to Rs 8,134.56 crore in the December quarter compared to Rs 5,591 crore YoY. According to IREDA, its gross non-performing assets (NPAs) were 2.90 percent for the quarter as opposed to 4.24 percent. Net NPAs were 1.52 percent compared to 2.03 percent year over year.
“IREDA is unwavering in its commitment to expedite the adoption of renewable energy solutions in the country,” stated Shri Pradip Kumar Das, Chairman and Managing Director. These findings indicate to stakeholders and investors the positive trajectory of IREDA’s contributions to environmental sustainability and India’s energy transformation. These positive financial results highlight IREDA’s unwavering commitment to supporting the growth of India’s renewable energy industry.”
IREDA is a government-owned enterprise that was founded in 1987 as a non-banking financial organization. Its activities include designing, establishing, and providing funding to support the establishment of projects pertaining to energy efficiency and innovative and renewable energy sources.
Disclaimer : The above article is meant for informational purposes only, and should not be considered as any investment advice.
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