IREDA Q4 results: Profit up 33% at Rs 337 crore; income jumps 34%

Indian Renewable Energy Development Agency Ltd (IREDA) on Friday reported a net profit of Rs 337.38 crore during the fourth-quarter (Q4 FY24), up 33.03 per cent from Rs 253.62 crore in the year-ago period.

The state-run firm's topline (income from operations) jumped 34.29 per cent to Rs 1,391.64 crore in Q4 FY24 as against Rs 1,036.32 crore in the corresponding period last year.

The company's debt equity ratio fell to 5.80 in Q4 FY24 compared to 6.77 in Q4 FY23.

Separately, the company has approved setting up of a unit to cater retail business in RE and emerging sectors such as PM KUSUM, rooftop solar and other B2C segment.

The quarterly results were announced post-market hours today. IREDA shares settled 1.41 per cent lower at Rs 160.80. At this price, the multibagger scrip has rallied 402.5 per cent from its initial public offering (IPO) price of Rs 32.

IREDA made a stellar stock market debut on November 29 last year.

On BSE, around 19.35 lakh shares changed hands today. The figure was lower than the two-week average volume of 69.47 lakh shares. Turnover on the counter came at Rs 31.12 crore, commanding a market capitalisation (m-cap) of Rs 43,219.26 crore.

IREDA is a mini Ratna firm under the administrative controls of the Ministry of New and Renewable Energy. The organisation offers a comprehensive array of 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.