IREDA Shares Surge 4% on Strong Q3 Profit and Revenue Growth
Overview
Indian Renewable Energy Development Agency (Ireda) shares climbed 4% after announcing robust Q3 results. The state-owned firm reported a 37.5% year-on-year jump in net profit to ₹585.16 crore and a 27% revenue increase to ₹2,102.29 crore. This performance highlights Ireda's ongoing expansion in funding India's green energy transition, with loan book growth of 28%.
Stocks Mentioned
IREDA Shares Rally on Robust Q3 Performance
Indian Renewable Energy Development Agency (Ireda) shares surged 4.1% on Friday, reaching an intra-day high of ₹142.30 on the BSE. The buying momentum followed the release of the company's strong third-quarter financial results after market close.
Q3 Financial Snapshot
State-owned Ireda reported a substantial 37.5% year-on-year increase in its consolidated net profit for the December quarter, reaching ₹585.16 crore, up from ₹425.38 crore in the same period last year. Revenue from operations saw a healthy 27% jump to ₹2,102.29 crore, compared to ₹1,654 crore a year prior.
Loan Book and Disbursements Expand
The company's loan book grew by 28% to ₹87,975 crore by the end of the quarter, demonstrating sustained demand for renewable energy financing. Disbursements during the quarter climbed 32% to ₹9,860 crore. Ireda's net worth also saw a significant 38% rise, reaching ₹13,537 crore.
Strategic Role in Green Energy
Pradip Kumar Das, Chairman and Managing Director of Ireda, highlighted the financial performance as a testament to the company's commitment to accelerating India's renewable energy transition. The company, a 'Navratna' government enterprise, provides financial assistance for new and renewable energy projects and energy efficiency. The positive results outpaced the broader market, with the Sensex trading down 0.47% at the time of reporting.
