IREDA shoots up 9% to record highs after Q1 net profit grows 30%: Is it time to exit or there is more value?
IREDA's share price surged 9% to reach record highs following the state-run NBFC's report of a net profit of Rs 384 crore for the quarter ended June 30, 2024. This marks a substantial 30% increase from the Rs 295 crore reported in the year-ago period.
The share price of the Maharatna PSU, IREDA surged 9.05% to reach record highs of Rs 310 on the NSE. (Photo: Company Website)
The share price of Indian Renewable Energy Development Agency (IREDA) gains over 9% as the navratna PSU on Friday reported robust growth during the first quarter of the financial year 2024-25. The share price of IREDA jumped 9.05% to record highs of Rs 310 on NSE.
IREDA Q1FY25 Performance
Indian Renewable Energy Development Agency (IREDA) announced a net profit of Rs 384 crore for the quarter ended June 30, 2024, marking a significant 30% increase from Rs 295 crore reported in the year-ago period.
Revenue from operations surged to Rs 1,502 crore in the quarter, up by over 32% compared to Rs 1,144 crore in the corresponding quarter of the previous financial year.
The state-run NBFC sanctioned loans amounting to Rs 9,210 crore, a substantial 387% increase from Rs 1,892 crore sanctioned previously. Disbursements totaled Rs 5,326 crore, up by 68% from Rs 3,173 crore disbursed in the year-ago period.
As of June 30, 2024, IREDA’s loan book stood at Rs 63,207 crore, marking a 34% increase from Rs 47,207 crore in Q1FY24. The company’s net worth also grew to Rs 9,110 crore from Rs 6,290 crore, reflecting a 45% increase.
IREDA reported a decrease in net non-performing assets (NPAs) to 0.95% from 1.61%, marking a 41.01% improvement in percentage terms, according to the company filing.
In terms of stock performance, IREDA shares have demonstrated positive returns across multiple time frames. Over the past month, the stock has given a commendable 67.64% return, showcasing its stability and growth potential. The last six months have seen even more impressive results, with a substantial increase of 145.16%, indicating a strong upward trend.
Year-to-date, IREDA shares have surged by 185.33%, reinforcing the stock’s positive momentum in the current fiscal year. Looking at the broader picture, the stock has delivered an impressive return of over 398.58% in the last twelve months, emphasizing its sustained growth and attractiveness to investors.
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This article was first uploaded on July fifteen, twenty twenty-four, at one minutes past eleven in the morning.