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

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.