IREDA shares hit 52-week high ahead of Q1 result announcement, check details

IREDA shares opened higher and rallied further 8.6% to hit a 52-week high of ₹248 on the NSE in morning deals. The stock has been trading at 52-week high levels in the past three sessions.

The stock has gained by around 132% in 2024 so far. In the past year, IREDA shares have given investors returns of over 300%.

The renewable energy agency is scheduled to announce its financial results for the June quarter of FY 2024-25 on July 12.

Investors are expecting IREDA to report healthy growth numbers during the first quarter of FY25 following upbeat provisional business performance.

The renewable energy financier in its quarterly business update last month reported a 382.62% jump in loan sanctions for the June quarter at ₹9,136 crore compared to ₹1,893 crore in the April-June quarter of 2023-24.

Loan disbursements also rose by 67.61% in the first quarter of FY25 to ₹5,320 crore compared to ₹3,174 crore in the April-June quarter of the last year.

IREDA’s outstanding loan book stood at ₹63,150 crore in the April-June quarter this year, a growth of 33.77% compared to ₹47,207 crore in the year-ago period. IREDA had reported a 33% growth in net profit for the March quarter of FY24 at ₹337.37 crore compared to ₹253.61 crore in the year-ago period.

Its Net Interest Income (NII) rose by 35.1 % to ₹481.4 crore in the last quarter of FY24 compared to ₹356.4 crore in the same quarter of FY23.

Total income was ₹1,391 crore in the March quarter against ₹994 crore in the year-ago period.

IREDA, in June 2024, raised ₹1,500 crore through issuance of bonds. The bond issue consisted of a base issue of ₹500 crore and a green shoe option of ₹1,000 crore. The bond issue received an overwhelming demand from investors, being oversubscribed 2.65 times.

IREDA shares were trading 5.32% higher at ₹241.02 apiece on the NSE at 11:04 am.