IREDA shares: During Monday’s trading session, shares of Indian Renewable Energy Development Agency Ltd (IREDA) experienced a notable surge of approximately 12 percent. This uptick followed strong performance reports from state-run financial firms for the quarter and fiscal year ending on March 31, 2024, which were released on Friday.
In an exchange filing, IREDA announced a net profit of Rs 337.38 crore for the quarter ending on March 31, 2024, marking a 33.03 percent increase year-on-year. This compares to the company’s bottom line The previous year’s similar quarter brought in Rs 253.62 crore.
In Q4FY24, net interest income (NII) surged by 35.1 percent to Rs 481.4 crore compared to In the same quarter of FY23, Rs 356.4 crore. NIIs represent the variance between the interest income generated by a bank’s lending operations and the interest it disburses to depositors.
After the announcement, IREDA shares soared by 11.59 percent to reach Rs 179.45 during Monday’s trading session, resulting in a total market capitalization exceeding 48,000 crores. In the preceding trading session on Friday, the stock had closed at Rs 160.80.
IREDA shares
In November 2023, IREDA initiated its IPO, raising a sum of Rs 2,150.21 crore through its initial share offering. Priced at Rs 32 each, the company’s shares have since yielded a remarkable return of 460 percent from their issue price. Upon listing, the stock debuted at Rs 49.99, representing a premium of 56 percent over its issue price.
As of March 31, 2024, IREDA’s loan book has expanded to Rs 59,698.11 crore, marking a year-on-year increase of 26.81 percent from Rs 47,052.52 crore recorded on March 31, 2023. In Q4FY24, the company’s loan sanction reached Rs 23,407.57 crore, demonstrating a substantial surge of 98.42 percent year-on-year from Rs 11,796.95 crore in Q4FY23.
Establishing itself in March 1987, the Indian Renewable Energy Development Agency stands as a government-owned ‘miniratna’ public limited company, operating under the administrative oversight of the Ministry of New and Renewable Energy (MNRE). It offers financial aid and various services to ventures focused on renewable energy sources as well as energy efficiency and conservation projects.
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