Indian Renewable Energy Development Agency (IREDA) surged 7.76% to Rs 183.90 after the company was given 'Navratna status' by the government of India.
"This is to inform that Department of Public Enterprises (DPE) vide its letter dated April 26, 2024 has granted the Navratna status to Indian Renewable Energy Development Agency Limited (IREDA)", said the company in an exchange filing with the bourses on Friday, 26 April 2024.Obtaining Navratna status in India bestows significant advantages on a Public Sector Undertaking (PSU). These include greater financial and operational autonomy, allowing for swifter decision-making and improved responsiveness to market shifts. The enhanced freedom also translates to increased investment opportunities, attracting capital for growth initiatives. Further, the Navratna designation serves as a mark of excellence, bolstering the PSU's market reputation and attracting skilled personnel. This combination of factors empowers Navratna PSUs to operate more efficiently, compete more effectively, and achieve sustainable growth.
IREDA is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). As on March 2024, GoI held 75% stake in IREDA.
IREDAs net profit jumped 33% to Rs 337.38 crore in Q4 FY24 as compared with Rs 253.62 crore in Q4 FY23. Revenue from operations increased 33.6% to Rs 1,339.77 crore in Q4 FY24 as compared with Rs 1,002.67 crore posted in corresponding quarter last year. Profit before tax jumped 66.3% YoY to Rs 479.67 crore during the quarter.
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