Mumbai: IREDA shares have turned out to be multibagger in less than year of their market debut in 2023. The India Renewable Energy Development Agency (IREDA) stock made a superb stock market debut on November 29, 2023, listing at a 56.25 percent premium to the issue price of Rs 32.
Stock Market expert Arun Mantri said IREDA share has corrected from highs and is trying to form base around 180-185 levels on the lower side. Risk traders and investors may bet on the counter from current levels for the targets of 260-270 in the coming months.
IREDA share price finished at Rs 185.89 on November 22, 2024. The multibagger stock has jumped over 200 per cent in the last one year. The IREDA stock has significantly dropped from all-time high of Rs 289.65 on July 15, 2024.
What are the Q2 results of IREDA in 2024-25?
Indian Renewable Energy Development Agency posted a 36 per cent year-on-year (YoY) increase in profit after tax (PAT) for the July-September quarter in 2024-25 to Rs 387.75 crore. The PSU which is controlled by the Ministry of New & Renewable Energy (MNRE), announced the financial results for the Q2 of 2034-25.
IREDA’s Profit Before Tax (PBT) was recorded at Rs 276.31 crore, which is 76.15 per cent higher compared to Rs 156.86 crore in second quarter of 2023-24. The PSU’s “Net Non-Performing Assets (NPAs) have been reduced to 2.72% in Q2, FY 2022-23 from 4.87% in Q2, FY 2021-22, a significant reduction of 44% YoY,” Ministry of New and Renewable Energy stated in its statement.
The PSU NBFC’s Gross Income went up 15.90 per cent to Rs 791.56 crore while its Net-worth went North by 69.16 per cent to Rs 5,638.31 crore. The company’s loan book and loan sanction up by 17.07 per cent and 89.47 per cent respectively.
“IREDA has registered growth in quarterly PBT and PAT by 76.15% and 67.14% respectively, and has also registered a significant reduction in gross and net NPAs, which is a big achievement for any NBFC,” Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, stated after the quarterly results.
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