IREDA Reports Impressive Growth in Quarterly Earnings
The Indian Renewable Energy Development Agency (IREDA) has announced a remarkable net profit of ₹387.74 crore for the quarter that ended on September 30, 2024. This signifies a substantial growth of over 36% compared to ₹284.73 crore recorded in the same quarter last year. Additionally, this net profit is slightly higher than the ₹383 crore reported for the preceding June quarter.
Total Income Surges Significantly
In a robust performance, IREDA’s total income soared by 38.5%, reaching ₹1,630 crore in the quarter under review, contrasted with ₹1,177 crore logged during the corresponding quarter of the previous financial year. The revenue from operations for the June quarter stood at ₹1,510 crore, thus indicating a steady upward trajectory in financial performance.
Strong Performance in First Half of FY25
For the first half of FY25 (H1FY25), IREDA has reported an impressive increase in net profit, which rose over 33% to ₹771.4 crore compared to ₹579.3 crore in H1FY24. The total income for this period also witnessed a significant jump of over 35%, amounting to ₹3,141 crore against ₹2,320 crore in the first half of the previous fiscal year. This consistent growth highlights IREDA’s effective strategies in renewable energy financing and development.
Market Performance and Future Outlook
The stock market responded positively to IREDA’s performance, with shares closing 1.12% higher at ₹233.75. This upward trend reflects investor confidence in the company’s direction and its pivotal role in enhancing India’s renewable energy landscape. As IREDA continues to scale new heights in profitability and income, its commitment to supporting sustainable energy projects positions it strongly in the ever-evolving energy sector.
