IREDA Q2 results: Stock trades higher ahead of Q2 earnings; check key details

State-run energy sector financing firm Indian Renewable Energy Development Agency (IREDA) will declare its results for the September quarter (Q2FY25) on Thursday, October 10.

IREDA had earlier informed stock exchanges in a filing that a meeting of its board of directors will be held on October 10 “to consider and approve the unaudited financial results of the company for the quarter and half year ended September 30, 2024”.

Market experts estimate healthy growth in IREDA’s Q2 earnings after the company reported a robust September quarter business update earlier this month.

Last week, IREDA reported a 303% increase in loan sanctions during the first half of the current fiscal year 2024-25, approving ₹17,860 crore worth of loans compared to ₹4,437 crore sanctioned during the same period last year.

Loan disbursements, too, went up to ₹9,787 crore during the period, a 56% increase from the ₹6,273 crore disbursed in the corresponding period last year.

IREDA is a non-deposit taking non-banking financial company (NBFC) engaged in financing renewable energy projects.

IREDA Q1 performance

In the previous quarter ended June 2024 (Q1FY25), IREDA had reported over 30% growth in its net profit to ₹383.69 crore on the back of higher revenue.

The company’s total revenue from operations had risen 32% to ₹1,501 crore during Q1 FY25 compared to ₹1,143.5 crore in the year-ago period. Interestingly, loan sanctions during the quarter were up over 380% compared with the year-ago period.

In the June quarter, the public sector renewable energy projects financier had also successfully reduced its net non-performing assets (NNPA) to 0.95% from 1.61% in the same quarter in the year-ago period.

Shareholding data

Earlier this month, IREDA also posted its latest shareholding data with the stock exchanges. The information showed that foreign institutional investors (FIIs) had cut their stake in the company to 2.02% as of the end of the September 2024 quarter from the 2.7% stake they held at the end of the June 2024 quarter.

IREDA share price

Shares of IREDA opened higher at ₹226.4 apiece on the NSE on Wednesday, October 9, and rallied over 3.6% to hit an intraday high of ₹234 apiece. However, the stock pared some of early gains to close at ₹232.5 apiece, up 3.61%, on the NSE.

The power sector PSU stock has remained flat in recent weeks, rising almost 1% in the past five trading sessions and 3% in the last one month. However, year-to-date, the stock has rallied up to 120%.