IREDA’s shares have dropped by over 3% following the release of their Q3 results, coinciding with a broader market decline
The share price of IREDA experienced a decline of over 3 percent in trading on January 10, despite the company’s strong quarterly earnings report. Indian Renewable Energy Development Agency Ltd (IREDA) saw a nearly 27 percent increase in net profit, reaching Rs 425.37 crore in the December quarter, driven by higher revenues.
While IREDA performed well, the broader market faced selling pressure on Friday due to significant foreign fund outflows, causing concern among investors.
IREDA’s stock initially dropped 3.5 percent in morning trading to a low of Rs 208.42 per share on the NSE. However, it later recovered slightly to Rs 211.48 per share, down 2.13 percent around 10:25 AM.
The company reported a 35.57 percent increase in revenue from operations, reaching Rs 1,698.99 crore in the latest quarter compared to Rs 1,253.20 crore in the previous quarter of FY24. Pradip Kumar Das, CMD of IREDA, stated, “Our exceptional performance in Q3 FY 2024-25 demonstrates IREDA’s unwavering commitment to advancing India’s renewable energy transition.”
He also highlighted the significant growth in loan sanctions, disbursements, and the expansion of the loan book, emphasizing the company’s crucial role in financing sustainable energy projects.
The Profit After Tax (PAT) or net profit increased by 26.77 percent in the reporting quarter, reaching Rs 425.37 crore from Rs 335.54 crore in Q3 FY24.
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