Mumbai :
IREDA (Indian Renewable Energy Development) has recently announced its financial results for the June quarter, marking a significant milestone for investors.
Record-Breaking Stock Performance
Investors have seen IREDA’s shares soar to new heights, reaching an intra-day high of Rs 304.60 on BSE.
By market close, the shares were trading at Rs 284.65, reflecting strong investor confidence and market performance.
Strong Financial Performance
From April to June 2024, IREDA reported a robust net profit of Rs 383.69 crore, marking a 30.25% increase from the previous year’s first quarter.
This surge in profitability is primarily attributed to increased revenue during this period.
Rapid Result Announcement
Setting a new benchmark, IREDA disclosed these results within just 12 days of the quarter’s end,
becoming a pioneer among banking and NBFC firms in this timely disclosure.
Improved Financial Health
In addition to profit growth, IREDA also saw a reduction in its net non-performing assets (NPA), which decreased to 0.95% from 1.61% in the same quarter last fiscal year.
Moreover, the company’s net worth rose sharply to Rs 9110.19 crore as of June 30, 2024, marking a robust 44.83% annual increase.
Expanded Loan Approvals
During the June quarter, IREDA approved loans totaling Rs 9210.22 crore, a substantial increase compared to Rs 1892.45 crore approved last year.
This reflects the company’s proactive stance in supporting renewable energy projects.
Market Performance
Investors have also benefited from IREDA’s strong market performance, as the company’s shares reached a record high of Rs 304.60 during intra-day trading on Friday,
closing at Rs 284.65 on the BSE.
