Indian Renewable Energy Development Agency (IREDA) Ltd on Tuesday said its subsidiary -- IREDA Global Green Energy Finance -- received the certificate of registration to undertake the activities as a finance company. "In reference to earlier intimation letter dated 10.09.2024, wherein the Company has informed that International Financial Services Centre Authority (IFSCA) vide its letter dated September 04, 2024 has granted the provisional registration to IREDA Global Green Energy Finance IFSC Ltd, (a wholly owned subsidiary of IREDA Ltd) as a finance company at Gift City, Gujarat. In this regard, we are pleased to inform you that IREDA Global Green Energy Finance IFSC Limited now has received the Certificate of Registration dated 18.02.2025 from IFSCA to undertake the activities as a Finance Company," the state-owned firm stated in a BSE filing.
The announcement came post-market hours today. IREDA shares settled 2.81 per cent lower at Rs 160.85 earlier in the day. At this closing value, the stock has corrected 27.48 per cent in the calendar year 2025.
In terms of earnings, the state-run renewable energy financier clocked a 26.8 per cent year-on-year (YoY) rise in its net profit for the December quarter (Q3 FY25). Profit climbed to Rs 425.4 crore in Q3 FY25 compared to Rs 335.5 crore in the same period last year.
IREDA's net interest income (NII) climbed 39 per cent YoY, to Rs 622.3 crore against Rs 448.1 crore in Q3 of the previous year. Revenue from operations jumped 35.6 per cent YoY to Rs 1,698.45 crore in Q3 FY25 against Rs 1,252.85 crore in the year-ago period.
"Investors with a long-term horizon can add IREDA, given the company's focus on alternative energy-based lending," said Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
IREDA is a 'Navratna' PSU under the administrative controls of the Ministry of New and Renewable Energy. As of December 2024, the government held a 75 per cent stake in it.
The organisation offers financial products (fund- and non-fund-based) associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.