IREDA shares skyrocket 11% after Q4 results impress Street

IREDA Q4 results, IREDA share price today: Indian Renewable Energy Development Agency (IREDA) shares skyrocketed over 11 per cent on Monday, April 22 after the firm posted a 33 per cent rise in its net profit to Rs 337.37 crore for the quarter ended March 2024, aided by higher income on Friday, post-market hours.

The IREDA stock rose over 11 per cent to the day's high of Rs 179 on the NSE in early morning deals. 

State-owned IREDA clocked Rs 253.61 crore net profit in the January-March quarter of FY23, the company said in an exchange filing. The company's total income surged to Rs 1,391.63 crore in the fourth quarter of FY24 from Rs 1,036.31 crore a year ago.

Its expenses were Rs 911.96 crore in the period under review against Rs 747.93 crore in the year-ago period.

In a separate statement, the company said it has achieved an all-time high annual profit after tax (PAT) of Rs 1,252.23 crore, a growth of 44.83 per cent over Rs 864.62 crore in 2022-23.

The company's loan book grew 26.81 per cent to Rs 59,698.11 crore from Rs 47,052.52 crore as of March 31, 2023.

The loan sanction stood at Rs 37,353.68 crore and disbursements at Rs 25,089.04 crore in FY24, registering an increase of 14.63 per cent and 15.94 per cent, respectively.

"This marks the highest annual loan disbursement and sanction in the company's history," IREDA said.

The net worth of the company increased 44.22 per cent to Rs 8,559.43 crore as of March 31, 2024, against Rs 5,935.17 crore a year ago.

What does IREDA do?

Indian Renewable Energy Development Agency, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.

(with PTI inputs)

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