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IREDA to announce Q3 results today; check Q2 FY25 show and how shares are performing

Upstox
By Upstox News Desk

3 min read | Updated on January 09, 2025, 10:42 IST

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SUMMARY

Shares of IREDA made a remarkable stock market debut in November 2023, listing with a premium of over 56% against the issue price of ₹32. The initial public offering (IPO) of IREDA was subscribed 38.80 times on the last day of bidding.

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IREDA
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IREDA reported a 36.18% year-on-year (YoY) rise in its net profit at ₹387.75 crore for the quarter ended September 30, 2024 (Q2 FY25).

IREDA reported a 36.18% year-on-year (YoY) rise in its net profit at ₹387.75 crore for the quarter ended September 30, 2024 (Q2 FY25).

IREDA share price: Indian Renewable Energy Development Agency (IREDA) is slated to declare its December quarter (Q3 FY25) earnings on Thursday, January 9. Shares of the company were trading 0.56% higher at ₹224.55 apiece on the BSE in the morning trade.
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Shares of IREDA made a remarkable stock market debut in November 2023, listing with a premium of over 56% against the issue price of ₹32.

The stock listed at ₹50, up 56.25% from the issue price on both the BSE and NSE. It further rallied 74% to ₹55.70 on both the benchmark indices.

The initial public offering (IPO) of IREDA was subscribed 38.80 times on the last day of bidding.

The IPO had a fresh issue of up to 40,31,64,706 equity shares and an offer for sale of up to 26,87,76,471 equity shares.

The price range for the offer was ₹30-32 a share.

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This was the first public issue by a public sector enterprise after Life Insurance Corporation's IPO in May last year.

Proceeds from the fresh issue were planned to be used in augmenting IREDA's capital base to meet its future capital requirements and onward lending.

IREDA is a mini Ratna firm under the administrative control of the Ministry of New and Renewable Energy.

The organisation offers a comprehensive array of financial products (fund- and non-fund-based) and associated services, from project inception to post-completion, for renewable energy projects and related activities like equipment manufacturing and transmission.

IREDA Q2 FY25 Results

IREDA reported a 36.18% year-on-year (YoY) rise in its net profit at ₹387.75 crore for the quarter ended September 30, 2024 (Q2 FY25).

However, it was lower than the ₹410 crore that analysts tracked by Bloomberg had estimated.

Total income from operations came in at ₹1,630.38 crore, up 38.5% against ₹1,176.96 crore logged in the year-ago period.

Basic earnings per share (EPS) stood at ₹1.44 for the quarter under review.

The company's net interest income (NII), i.e., interest earned minus interest expended during the quarter, increased by 51.9% to ₹547 crore from ₹360 crore reported during the corresponding quarter of the previous fiscal.

IREDA said that its loan sanctions jumped 303% year-on-year to ₹17,860 crore in the April-September period of this fiscal.

Loan disbursements also saw significant growth, increasing by 56% to ₹9,787 crore from ₹6,273 crore recorded in September 2023.

IREDA stock performance

Shares of IREDA have jumped over 117% in the past 12 months.

(With inputs from PTI)
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