IREDA Q3 profit jumps 67% to Rs 335.5 crore

IREDA Q3 results: Indian Renewable Energy Development Agency Limited (IREDA)’s profit climbed 67.2 per cent to Rs 335.5 crore (Q3FY23), from Rs 200.7 crore in the same quarter a year ago (Q3FY23).

“This outstanding performance is attributed to consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.03 per cent to 1.52 per cent year-on-year,” IREDA said in a statement.

The company’s revenue zoomed over 44 per cent to Rs 1, 252.9 crore in the December quarter, from Rs 868.7 crore in the same quarter previous fiscal.

The New Delhi-based company's operating profit, also known as EBITDA, surged 51 per cent to Rs 1,154 crore in Q3FY24, from Rs 764 crore Q3FY23.

Meanwhile, its operating margin zoomed 416 basis points (bps) to 92.11 per cent, from 87.95 per cent in the same quarter a year ago.

"IREDA is unwavering in its commitment to expedite the adoption of renewable energy solutions in the country. For investors and stakeholders, these results signal the promising trajectory of IREDA's contributions to India's energy transition and environmental sustainability. These encouraging financial outcomes underscore IREDA's steadfast dedication to fostering the expansion of the renewable energy sector in India,” said Pradip Kumar Das, Chairman & Managing Director of IREDA.

IREDA listed at a 56.25 per cent premium to the issue price of Rs 32, on November 29 last year. The stock skyrocketed following the result announcement. 

Notably, IREDA's share price touched a new lifetime high of 148.90 during the Saturday trading session. The stock soared as much as 9.97 per cent.

The shares have surged 41.63 per cent in the last month. The market capitalisation IREDA is Rs 40,020.8 crore, according to BSE.