The share price of the midcap stock hit its upper circuit of 20 percent and reached a new 52-week high of Rs 85 from its previous close of Rs 70.85 after the company launched a retail division.
According to the filling of the Indian Renewable Energy Development Agency (IREDA), launched a retail division to focus on loans for individuals and small businesses, particularly in Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyaan (PM-KUSUM) and Rooftop Solar schemes.
IREDA’s new retail division launched on December 5th focuses on B2C renewable energy financing, starting with a Rs. 58 crore KUSUM-B loan. The agency also seeks to deepen bond markets by allocating 1-2 percent of domestic insurance and pension AUM to RE bonds.
IREDA further emphasizes a green taxonomy, unique financing solutions for new technologies, and leveraging climate funds to mobilize private capital and promote a sustainable future.
According to the IREDA report, the net revenue increased by 48.6 percent year over year, from Rs 791.33 crore in Q2FY23 to Rs 1176.62 crore in Q2FY24. Their revenue rose by 3 percent sequentially from Rs 1143.2 crore in Q1FY24 to the current levels.
In addition, the net profit increased by 54 percent year over year, from Rs 184.3 crore in Q2FY23 to Rs 284.73 crore in Q2FY24. Their net profit fell by 3 percent sequentially from Rs 294.58 crore in Q1FY24 to the current levels.
Indian Renewable Energy Development Agency (IREDA) is a midcap company with a market capitalization of Rs 22,851 crores. The share price of the company rose 41.6 percent since it was listed on November 29, 2023.
The company’s promoters hold 75 percent shares in the company, and 25 percent held by the general public.
The Indian Renewable Energy Development Agency (IREDA), founded in March 1987, is a Mini Ratna (Category – I) government enterprise that promotes, develops, and extends financial assistance for new and renewable energy (RE) projects, as well as energy efficiency and conservation (EEC) projects.
Written by Sriram KV
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