IREDA rallies after Q4 PAT climbs 33% YoY to Rs 337 cr

Indian Renewable Energy Development Agency (IREDA) jumped 5.88% to Rs 170.25 after 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.

Profit before tax jumped 66.3% YoY to Rs 479.67 crore during the quarter.

Operating profit stood at Rs 489 crore in Q4 FY24, registering the growth of 66% as compared with Rs 294 crore posted in corresponding quarter last year.

During the quarter, loan disbursement increased 3.98% to Rs 12,869.35 crore as against Rs 11,291.09 crore in Q4 FY23. While loan book jumped by 26.81% YoY to Rs 59,698 crore in Q4 FY24.

 

Net NPAs reduced by 40.52% to 0.99% as against 1.66%. Net interest margin was 2.85% in Q4 FY24 as against 2.82% in Q4 FY23.

On year on year basis, the companys net profit jumped 44.8% to Rs 1252.23 crore in FY24 as compared with Rs 864.63 crore in FY23. Revenue from operations jumped 42.3% YoY to Rs 4871.16 crore in FY24.

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.

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