 "IREDA share price up 3% as Q2 profit climbs 36% YoY; details here")
IREDA share price: Shares of Indian Renewable Energy Development Agency Limited (IREDA) were in demand during early trade on Friday, October 11, 2024, as the share rose up to 2.65 per cent to hit an intraday high of Rs 239.95 per share.
The state-owned company, on Thursday, reported a 36 per cent rise in profit after tax, reaching Rs 387.7 crore for the September quarter (Q2FY25), compared to Rs 284.7 crore during the same period in the previous fiscal year (Q2FY24).
Its total revenue from operations surged 38.5 per cent year-on-year (Y-o-Y) to Rs 1,630.4 crore in Q2FY25, up from Rs 1,177 crore in Q2FY24.
IREDA's loan portfolio expanded 35.9 per cent, increasing to Rs 64,564.4 crore from Rs 47,514.5 crore a year earlier.
The company also saw a major rise in loan sanctions, which jumped nearly four-fold to Rs 8,723.78 crore, up from Rs 2,852.05 crore in Q2 of the last fiscal year.
Additionally, IREDA disbursed loans totaling Rs 4,461.87 crore, marking a 43.93 per cent increase from Rs 3,099.98 crore in the same quarter last year.
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In a separate announcement, IREDA confirmed it has received approval from the Department of Investment and Public Asset Management (DIPAM) and the Ministry of New and Renewable Energy to establish a wholly-owned subsidiary.
The subsidiary will focus on retail initiatives such as PM KUSUM, rooftop solar projects, and other business-to-consumer segments in renewable energy and emerging technologies, including electric vehicles, energy storage, green technologies, and energy efficiency.
Established in 1987, IREDA is a public sector enterprise. It operates under the ownership of the Government of India and falls under the administrative oversight of the Ministry of New and Renewable Energy (MNRE).
IREDA's primary mission is to promote and facilitate the development of projects related to renewable energy sources and energy efficiency.
As a Non-Banking Financial Institution (NBFC) and a Mini Ratna (Category – I) enterprise, it plays a crucial role in providing financial assistance and other essential services to support the growth of green power capacity.
Additionally, IREDA finances the establishment of solar manufacturing units and encourages the adoption of renewable energy to foster sustainable development.
Last year in November, IREDA conducted an initial public offering (IPO) and got listed on the NSE and BSE, marking a major milestone in its history. IREDA stock listed at Rs 50 on BSE, a premium of 56.25 per cent over the IPO issue price of Rs 32.
At 9:57 AM, shares of IREDA were trading 1.05 per cent higher at Rs 236.20. By comparison, BSE Sensex was trading flat at 81,619 levels.