Ireda Q3 Results: Profit Rises 26.7% To Rs 425 Crore
Ireda's revenue rose 35.6% year-on-year to Rs 1,699 crore during the October-December period.
Indian Renewable Energy Development Agency Ltd. posted a net profit of Rs 425 crore in the quarter ended Dec. 31, 2024, an increase of 26.7% year-on-year.
In the same quarter of the previous fiscal, Ireda had posted a net profit of Rs 336 crore.
The non-banking financial institution's revenue rose 35.6% to Rs 1,699 crore during the October–December period, compared to Rs 295 crore in the year-ago period, according to an exchange filing on Thursday.
For the December quarter, Ireda registered a 41% year-on-year growth in loan disbursements to Rs 17,236 crore from Rs 12,220 crore in the same period last year. The company also posted a 129% increase in loan sanctions to Rs 31,087 crore, compared to Rs 13,558 crore in the corresponding period of 2023.
As a result of this surge in activity, Ireda's outstanding loan book reached Rs 69,000 crore as of Dec. 31, 2024, a 36% rise from Rs 50,580 crore a year ago.
Shares of Ireda ended 3.26% lower at Rs 216.09 apiece on the National Stock Exchange ahead of the results, compared to a 0.69% decline in the benchmark Nifty. The share price has advanced 109.19% in the last 12 months.
One of the two analysts tracking the company has a 'buy' rating on the stock and another suggests 'sell', according to Bloomberg data. The average of 12-month consensus price target implies a potential upside of 29.6%.
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