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Hot Pursuit
01-Jul-24
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IREDA gains after loans sanctions zoom to Rs 9,136 crore in Q1FY25
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Indian Renewable Energy Development Agency (IREDA) advanced 3.54% to Rs 197.20 after the company’s loan sanctions stood Rs 9,136 crore in the June quarter, steeply higher than Rs 1,893 crore in the June quarter of last year.
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Loan disbursements for the quarter stood at Rs 5,320 crore, up 67.61% as against with Rs 3,174 crore reported in the same period a year ago.
The outstanding loan book was at Rs 63,150 crore for the quarter ended June 30 2024, registering a growth of 33.77% as compared with Rs 47,207 crore posted in same period a year ago.
IREDA is a Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on March 2024, GoI held 75% stake in IREDA.
The company’s net profit jumped 33% to Rs 337.38 crore in Q4 FY24 as compared with Rs 253.62 crore in Q4 FY23. Revenue from operations increased 33.6% to Rs 1,339.77 crore in Q4 FY24 as compared with Rs 1,002.67 crore posted in corresponding quarter last year.
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