Following Navratna PSU’s announcement that its Q3 loan disbursements increased 41% year-over-year (YoY) to Rs 17,236 crore, shares of the Indian Renewable Energy Development Agency (IREDA) surged up to 6% to Rs 227.70.
According to IREDA’s Q3 business update, loans approved increased 129% year over year to Rs 31,087 crore in the December quarter, while its outstanding loan book currently stands at Rs 69,000 crore, up 36% year over year.
IREDA shares, which were listed on public exchanges in November 2023, have produced multibagger returns of 113% over the past year, although they have dropped about 3% in the previous three months. Since its 52-week peak, the stock has dropped almost 28%.
In Q2, IREDA declared a net profit of Rs 388 crore, a 36% increase over the Rs 285 crore the company posted in the same period last year. In Q2FY25, the company’s operating revenue was Rs 1,629 crore, up 38% from the Rs 1,177 crore it recorded in Q2FY24.
Sequentially, sales increased by 8% from the Rs 1,510 crore reported by the company in the April-June quarter, while profit after tax (PAT) increased by 1% from a PAT of Rs 384 crore reported in Q1FY25.
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