Shares of IREDA surged 11.59 per cent to Rs 179.45 during the trading session on Monday, commanding a total market capitalization of more than 48,000 crore.
IREDA was incorporated in March 1987, is a ‘miniratna’ public limited government company, administratively controlled by the Ministry of New and Renewable Energy.
Shares of Indian Renewable Energy Development Agency Ltd (IREDA) surged about 12 per cent during the trading session on Monday after state-run financial firms reported a strong set of performance in the quarter and the financial year ended on March 31, 2024 on Friday.
IREDA reported a net profit of Rs 337.38 crore for the quarter ended on March 31, 2024 up 33.03 per cent on a year-on-year (YoY) basis, said the company in an exchange filing. The shadow lender had reported a bottomline of Rs 253.62 crore in the same quarter a year ago.
Net interest income (NII) grew 35.1 per cent to Rs 481.4 crore in the Q4FY24 against Rs 356.4 crore in the corresponding quarter of FY23. NIIs is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors.
Following the announcement, shares of IREDA surged 11.59 per cent to Rs 179.45 during the trading session on Monday, commanding a total market capitalization of more than 48,000 crore. The scrip had settled at Rs 160.80 in the previous trading session on Friday.
IREDA had launched its IPO in November 2023 and raised a total of Rs 2,150.21 crore via its initial stake sale. The company sold its shares for Rs 32 apiece and the stock has delivered a return of 460 per cent from its issue price so far. The stock was listed at 49.99, a premium of 56 per cent over its issue price.
The loan book of IREDA has grown to Rs 59,698.11 crore as of March 31, 2024, rising 26.81 per cent YoY from Rs 47,052.52 crore as of March 31, 2023. The company’s loan sanction stood at Rs 23,407.57 crore in the Q4FY24, surging 98.42 per cent YoY from Rs 11,796.95 crore in Q4FY23.
Indian Renewable Energy Development Agency, Incorporated in March 1987, is a ‘miniratna’ public limited government company, administratively controlled by the Ministry of New and Renewable Energy (MNRE). It provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.
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