IREDA gets 'Navratna' status

29 Apr 2024 , 10:53 AM

Indian Renewable Energy Development Agency (IREDA), a government-owned entity, received the prestigious ‘Navratna’ status from the Union government on April 26. The Department of Public Enterprises (DPE) granted this status to IREDA, as disclosed in an exchange filing by the company.

At the time of writing, IREDA’s stocks are trading at ₹184.15, marking a 7.91% increase from the previous close. Over the past year, the company has seen a remarkable 206.92% gain, and since the beginning of the year, it has gained 75.97%.

Navratna status is a special designation given to select public sector undertakings (PSUs) in India. These companies play a vital role in the country’s economy and enjoy a distinguished position compared to other PSUs, both nationally and internationally.

Once designated as Navratna, these companies are empowered in various areas, including capital expenditure, investment in joint ventures or subsidiaries, and human resources management.

IREDA operates under the Ministry of New and Renewable Energy and serves as a non-banking financial institution. Its primary focus is on promoting, developing, and providing financial assistance for projects related to new and renewable energy sources, as well as energy efficiency and conservation.

In its financial report for the quarter ended March 31, 2024, IREDA recorded a 33% increase in consolidated net profit, amounting to ₹337 Crore compared to ₹254 Crore in the same period last year.

The company’s Board has approved the establishment of a subsidiary to cater to retail business in renewable energy (RE) and emerging sectors such as PM KUSUM, rooftop solar, and other consumer-centric segments.

IREDA recently announced achieving its highest-ever annual loan sanctions and disbursements in the financial year 2023-24.

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