Indian Renewable Energy Development Agency Ltd Share Price – NSE  / BSE

Finance, Small Cap

Revenue from operations increased 38.49% year on year (YoY) to Rs 1,629.55 crore in the quarter ended 30 September 2024.

Profit before tax was at Rs 459.91 crore in second quarter of FY25, registering a growth of 21.06% YoY.

Operating profit (before Depreciation, impairment & Tax) stood at Rs 503.19 crore in September 2024 quarter, up 36% YoY.

Cost of borrowings declined to 7.80% in Q2 of FY25 from 7.85% posted in same quarter previous year.

Interest income stood at Rs 1,577.05 crore in Q2 FY25, up 36.78% from Rs 1,152.95 crore recorded in Q2 FY24. Net interest margin increased to 3.34% in Q2 FY25 from 3.17% registered in Q2 FY24.

Yield on loan assets (gross) stood at 9.92% as on 30 September 2024 as compared with 9.77% as on 30 September 2023.

CRAR declined to 20.24% as on 30 September 2024 as against 20.92% as on 30 September 2023. Provision coverage ratio (Stage III) stood at 52.98% as on 30 September 2024 as compared with 48.11% as on 30 September 2023.

On half year basis, the company’s net profit jumped 33.17% to Rs 771.44 crore on 35.35% rise in revenue from operation to Rs 3139.83 crore in Q2 FY25 over Q2 FY24.

IREDA is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on March 2024, GoI held 75% stake in IREDA.

The scrip rose 0.28% to currently trade at Rs 234.40 on the BSE.

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Indian Renewable Energy Development Agency has received approval from DIPAM vide OM dated 10 October 2024 and from the Administrative Ministry i.e. Ministry of New and Renewable Energy for setting up of wholly owned subsidiary for retail business such as PM KUSUM, rooftop solar and other B2c segments in RE and emerging RE sector including EVs, Energy storage, Green Technologies, sustainability, Energy Efficiency etc.

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Net profit of Indian Renewable Energy Development Agency rose 36.18% to Rs 387.75 crore in the quarter ended September 2024 as against Rs 284.73 crore during the previous quarter ended September 2023. Sales rose 39.13% to Rs 1620.02 crore in the quarter ended September 2024 as against Rs 1164.36 crore during the previous quarter ended September 2023.

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Indian Renewable Energy Deve. Agency will hold a meeting of the Board of Directors of the Company on 10 October 2024.

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