IREDA Share Price Gains After Q3 Profit, Revenue Rise

Indian Renewable Energy Development Agency Ltd.'s share price rose over 3% on Friday, as the company reported a net profit of Rs 425 crore for the quarter ending Dec. 31, 2024, reflecting a 26.7% year-on-year increase. In the same quarter of the previous year, the company had posted a net profit of Rs 336 crore.

The non-banking financial company also saw a rise in its revenue, which rose 35.6% to Rs 1,699 crore for the October–December period, up from Rs 1,295 crore in the corresponding period of the previous fiscal.

In terms of lending activity, IREDA registered a 41% year-on-year growth in loan disbursements, reaching Rs 17,236 crore during the quarter, compared to Rs 12,220 crore in same period last year. Loan sanctions saw a remarkable 129% increase, climbing to Rs 31,087 crore, from Rs 13,558 crore in Q3 FY24.

The surge in loan activity contributed to a rise in IREDA's outstanding loan book, which reached Rs 69,000 crore as of Dec. 31, 2024, marking a 36% increase from Rs 50,580 crore a year earlier.

Share price of IREDA rose as much as 3.13% to Rs 222.86 apiece, but gave up gains to trade 1.55% lower at Rs 212.74 apiece, as of 09:20 a.m. This compares to a 0.21% advance in the NSE Nifty 50.

The stock has risen 106.59% in the last 12 months. Total traded volume so far in the day stood at 0.49 times its 30-day average. The relative strength index was at 49.

Out of two analysts tracking the company, one maintains a 'buy' rating, and the other suggests 'sell', according to Bloomberg data. The average 12-month analysts' consensus price target implies a downside of 0.5%.