IREDA’s shares have surged dramatically, gaining 172% year-to-date and 375% over the past year. The company reported a robust 30% increase in profit after tax, reaching Rs 384 crore in the June quarter compared to Rs 295 crore in the same period last year.
The company’s revenue from operations grew by 32% year-on-year to Rs 1,510 crore from Rs 1,143 crore. This significant growth is reflected in the increase in their outstanding loan book, which rose by 34% to Rs 63,207 crore from Rs 47,207 crore last year.
Major borrowers contributing to the outstanding loan book include Tamil Nadu Generation and Distribution Corporation and several other significant energy companies, highlighting IREDA’s pivotal role in financing renewable energy developments.
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IREDA’s gross non-performing assets improved, decreasing to 2.19% at the end of June, marking the fourth consecutive quarter of asset quality improvement. This reflects a decline from 2.36% in March and 3.08% a year ago.
Notable investors in IREDA as of the end of the June quarter include Vanguard’s international and emerging market funds, iShares Core MSCI Emerging Markets ETF, and several sovereign wealth funds, demonstrating robust investor confidence. The government retains a 75% stake, with 20.39% owned by resident individuals.
