Ireda Share Price Inches Higher Ahead Of Earnings Announcement

The share price of Indian Renewable Energy Development Agency Ltd. surged over 5% on Tuesday ahead of the company's earnings announcement.

Ireda had reported strong financial results for Q3 FY25. The company's revenue from operations increased by 35.57% to Rs 1,698.99 crore, while profit after tax rose by 26.77% to Rs 425.37 crore.

Additionally, Ireda saw a significant 45.01% surge in loan sanctions, reaching Rs 13,226.81 crore. Disbursements also grew by 25.27% to Rs 7,448.96 crore, and the loan book expanded by 36.34% to Rs 68,959.61 crore. The company's net worth experienced a solid jump of 20.99%, totaling Rs 9,842.07 crore.

Ireda, a public sector enterprise, provides financial assistance and related services to projects focused on renewable energy and energy efficiency or conservation.

As part of regulatory requirements, trading in the company's securities will remain suspended for designated persons and their immediate relatives from April 1 to April 17.

The scrip rose as much as 5.35% to Rs 162.45 apiece. It pared gains to trade 4.99% higher at Rs 161.90 apiece, as of 10:35 a.m. This compares to a 2.10% advance in the NSE Nifty 50 Index.

It has risen 2.08% in the last 12 months. Total traded volume so far in the day stood at 1.1 times its 30-day average. The relative strength index was at 53.

Out of two analysts tracking the company, one maintains a 'buy' rating and the other suggests 'sell,' according to Bloomberg data.