Q2 Results: State-run energy financing firm, Indian Renewable Energy Development Agency (IREDA), will announce its financial results for the September quarter (Q2FY25) on Thursday, October 10. In a filing, IREDA informed stock exchanges that its board of directors will meet to approve the unaudited financial results for the quarter and half-year ended September 30, 2024.
IREDA recently reported a massive 303% rise in loan approvals for the first half of FY25, with ₹17,860 crore in loans sanctioned compared to ₹4,437 crore during the same period last year. Loan disbursements also saw a 56% rise, reaching ₹9,787 crore compared to ₹6,273 crore last year. IREDA is a government-owned, non-deposit-taking NBFC that finances renewable energy projects.
In Q1FY25, IREDA recorded a 30% increase in net profit, reaching ₹383.69 crore due to higher revenues. The company’s total revenue from operations increased by 32% to ₹1,501 crore compared to ₹1,143.5 crore in Q1FY24. Loan approvals during this period rose by more than 380%. IREDA also reduced its net non-performing assets (NNPA) to 0.95%, down from 1.61% in the same quarter last year.
In the latest shareholding update, IREDA reported that foreign institutional investors (FIIs) reduced their stake to 2.02% at the end of the September quarter, down from 2.7% at the end of the June quarter.
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On Wednesday, October 9, IREDA’s shares opened at ₹226.4 on the NSE, rising 3.6% to an intraday high of ₹234 apiece before closing at ₹232.5, up 3.61%. The stock has remained flat over the past few weeks, with a modest 1% rise in the past five trading sessions and 3% over the past month. However, the stock has surged by 120% year-to-date.
