Shares of Indian Renewable Energy Development Agency (IREDA) rose on October 11 following the release of its strong second-quarter earnings report. The company’s net profit jumped 36 percent year-on-year (YoY) to ₹387.75 crore, driven by higher revenues, reinforcing investor confidence. Total income from operations surged 38 percent YoY to ₹1,630.38 crore, while the company’s net interest income (NII) increased 52 percent YoY to ₹546.8 crore.
At 9:39 AM, IREDA’s stock traded over 1 percent higher at ₹236.43 on the NSE. The stock has surged approximately 125 percent year-to-date, far outperforming Nifty’s 14 percent rise during the same period.
IREDA, the country’s largest green financing NBFC, said its loan book expanded 35.88% YoY to ₹ 64,564 crore during the July-September quarter. The company, however, said its asset quality remained stable with gross NPA at 2.19% and net NPA at 1.04%.
CMD Pradip Kumar Das, while speaking on the occasion, said, “The company is committed to further the cause of renewable energy in India and is all-set to see a manifold increase in its loan sanctions and disbursements. IREDA said it has received approval from DIPAM and Ministry of New and Renewable Energy to set up a wholly-owned subsidiary for retail business activities. It will also be involved in renewable energy projects, including PM KUSUM, rooftoop solar, electric vehicles, and energy efficiency.
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Source: Moneycontrol
News Desk
