Indian Renewable Energy Development Agency Ltd. on Friday reported a 30% increase in its net profit on a yearly basis, for the first quarter of the financial year ending March 2025.
The non-banking financial institution reported a bottom line of Rs 384 crore in the April-June quarter, as compared to Rs 295 crore registered during the same period last year, according to its stock exchange notification.
Revenue of the pure-play green financing NBFC rose 32% year-on-year to Rs 1,511 crore in comparison to Rs 1,143 crore reported in the same period last year.
IREDA’s loan sanctioned surged to Rs 9,136 crore in the quarter-ended June. It recorded loan disbursements of Rs 5,320 crore in the June quarter, a growth of 68% in comparison to Rs 3,174 crore in the year-ago period.
The total loan book outstanding as of June 30, 2024 was at Rs 63,150 crore, up 33.77% over Rs 47,207 crore in April-June FY24, according to the company’s statement on July 1.
Shares of IREDA rose on Friday and closed 0.20% higher at Rs 284.26 apiece, as compared with a 0.81% gain in the country’s benchmark NSE Nifty 50. The stock had risen as much as 7% during the trading session to hit an all-time high for the second consecutive day. The scrip has risen 374% since it listed in November.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
