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Today, the Indian Renewable Energy Development Company (IREDA) will declare its quarterly results for the period ended June 2024. This would be the first PSU company to announce its financial performance.
The stock has seen a phenomenal rise since its IPO. As against the IPO price of ₹32, IREDA’s shares have surged nearly 9 times to ₹278.95. The ₹2,150.21-crore IPO included a fresh issue of up to 40.32 crore shares and an offer for sale (OFS) of up to 26.88 crore equity shares. On Thursday, ahead of result announcements, the stock jumped nearly 15 per cent at ₹283.60,
For FY24, the PSU major reported a topline of ₹4,964 crore and a profit of ₹1,252 crore. In the previous quarter ending March 2024, its revenues stood at ₹1,391 crore and profit of ₹337 crore.
IREDA has reported a remarkable performance for the first quarter ended June. According to provisional figures, subject to audit, the company recorded substantial increases in loan sanctions, disbursements, and its loan book. In a business update for Q1, IREDA informed the exchanges that it has recorded Loan Sanctions at ₹91,36 crore and Loan Disbursements at ₹5,320 crore during 1st quarter ended June 30, 2024, a significant growth of 382.62 per cent and 67.61 per cent respectively over the corresponding quarter of FY 2023-24. Loan Book stands at ₹63,150 crore, a record growth of 33.77 per cent.
Rating agency CARE Ratings recently upgraded various instruments of IREDA to AAA (Stable) from AA+ (Positive). This significant upgrade underscores IREDA’s unwavering commitment to improving its financial performance and upholding the highest standards of corporate governance. The PSU had raised ₹1,500 crore through the issuance of bonds in June. The funds have been raised at an annual interest rate of 7.44 per cent for a tenure of 10 years and 2 months. The successful capital raising will enable us to further strengthen our efforts in financing green energy projects, contributing to India’s goal of achieving a 500 GW non-fossil fuel installed capacity target by 2030, it said.
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