IREDA Q3 Results: Net profit jumps 67.15% on year to ₹335.5 crore, revenue up 44%

IREDA Q3 Results: Indian Renewable Energy Development Agency Ltd (IREDA) on Saturday reported an 67.15% year-on-year rise in its net profit for the fiscal's third quarter ended December (Q3FY24) to ₹335.54 crore. The company had reported a profit of ₹200.75 crore in the year-ago period. Sequentially, the net profit was up 17.8%. IREDA share price were locked in 10% upper circuit on Saturday's session, touching its all-time high. The IREDA share price hit an intraday high of ₹148.90 apiece on BSE. 

“This outstanding performance is attributed to consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.03% to 1.52% year-on-year, ” said the company in an exchange filing. 

Also Read: IREDA share price hits lifetime high ahead of Q3 results today. Buy or sell?

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The Indian public sector enterprise's revenue from operations stood at ₹1252.85 crores during the quarter ended December from ₹868.67 crore in Q3FY23, a year-on-year jump of nearly 44.22%. Sequentially, the growth was  up by 6.5% from ₹1176.63 crore in Q2FY24.

According to IREDA's exchange filing, its net worth increased by 45.49% in the December quarter to ₹8,134.56 crore from ₹5,591 crore YoY. The company added that its gross non-performing assets (NPAs) for the quarter were 2.90% as opposed to 4.24%. Net NPAs were 1.52% as compared to 2.03% YoY.

Also Read: IREDA share price makes stellar debut, stock lists at 56.25% premium at ₹50 on NSE

“IREDA is unwavering in its commitment to expedite the adoption of renewable energy solutions in the country. For investors and stakeholders, these results signal the promising trajectory of IREDA's contributions to India's energy transition and environmental sustainability. These encouraging financial outcomes underscore IREDA's steadfast dedication to fostering the expansion of the renewable energy sector in India,” said Pradip Kumar Das, Chairman & Managing Director of IREDA in the filing. 

IREDA share price, which was listed at ₹50, increased by 198%. IREDA share price made a stellar debut on the bourses on November 29. On NSE and BSE, IREDA share price was listed at ₹50 per share, 56.25% higher than the issue price of ₹32.

Also Read: IREDA share price recovers 15% from intraday low; check details

Indian Renewable Energy Development Agency IPO was subscribed 38.80 times on day 3. IREDA IPO's retail investors portion was subscribed 7.73 times, NII portion was subscribed 24.16 times, and Qualified Institutional Buyers (QIB) portion is booked 104.57 times. Employee portion was subscribed 9.80 times, as per BSE data, on day 3.

IREDA IPO opened for subscription on Tuesday, November 21, and closed on Thursday, November 23. IREDA IPO price band was fixed in the range of ₹30 to ₹32 per equity share of face value of ₹10. IREDA IPO lot size was 460 equity shares and in multiples of 460 equity shares thereafter.

IREDA is an NBFC established in 1987 to provide innovative financing in RE and energy efficiency, conservation, and environmental technologies. It is a wholly owned Government of India (“GoI") enterprise under the administrative control of the Ministry of New and Renewable Energy (the “MNRE").

Also Read: IREDA share price hits all-time high, up 218% from its issue price

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