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  5. IREDA to announce Q1 results on July 12, stock rise 5%; check details

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IREDA to announce Q1 results on July 12, stock rise 5%; check details

Upstox
By Upstox News Desk

2 min read | Updated on July 05, 2024, 19:21 IST

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SUMMARY

IREDA informed the exchanges in a filing that a meeting of its board of directors will be held on Friday, July 12, to consider and approve the company's audited financial results for Q1FY25.

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IREDA
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IREDA shares close nearly 4% higher ahead of Board meet on July 12 to consider Q1FY25 results

IREDA shares close nearly 4% higher ahead of Board meet on July 12 to consider Q1FY25 results

Indian Renewable Energy Development Agency (IREDA) shares rallied over 5% to hit an intraday high of ₹232 apiece on the NSE on Friday, July 5, after the company announced the schedule for its Board meeting to consider financial results for the quarter ending June 30, 2024.

In a filing to the stock exchanges, the public sector company said that a meeting of its board of directors will be held on July 12 to consider and approve the audited financial results for the first quarter of the current financial year (Q1FY25).

“Trading window for dealing in the Company’s securities has already been closed from July 01, 2024, till 48 hours after the declaration of financial results of the company for the quarter ended June 30, 2024. The same has been informed to the Stock Exchange vide letter dated June 26,” the company informed the stock exchanges.

Last month, the company informed the exchanges that it had successfully raised ₹1,500 crore through the issuance of bonds. The company said that its bond issue consisted of a base issue of ₹500 crore along with a green shoe option of ₹1,000 crore. The bonds received overwhelming response from investors and were oversubscribed 2.65 times. IREDA said that the funds have been raised at an annual interest rate of 7.44% for a tenure of 10 years and 2 months.

IREDA’s total revenue from operations for the quarter ended March 31, 2024, grew over 34% to ₹1,391.25 crore compared to ₹1,036.03 crore in the corresponding quarter of the preceding fiscal. The company’s total revenue from operations for FY24 grew over 42% to ₹4,963.93 crore against ₹3,483.04 crore in FY23.

IREDA’s net profit for the March quarter of FY24 surged 33% to ₹337.37 crore compared to ₹253.61 crore in the March quarter of FY23. IREDA’s net profit for FY24 increased 45% to ₹1252.22 crore compared to ₹864.62 crore in FY23.

IREDA Ltd shares closed 3.86% higher at ₹229 apiece on the NSE.

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