Share price of this multibagger renewable energy stock hit 5% upper circuit to Rs. 149.75 in the morning trading session of Tuesday, compared to its previous close of Rs. 142.65, after the company announced strong Q4 business updates. 

With a market capitalisation of Rs. 40,249 crores, at 11:18 a.m. the shares of Indian Renewable Energy Development Agency Limited (IREDA) were trading in the green at Rs. 149.75, up by 4.98 percent. 

The company has delivered multibagger returns of about 149.6 percent in the last six months, and so far in 2024, it has given positive returns of around 43.1 percent. 

According to recent regulatory filings with the stock exchanges, IREDA reported the highest-ever Loan sanctioned at Rs. 37,354 crore, with Loan disbursement at Rs. 25,089 crore during FY23-24. 

The Loan Book Outstanding of the company stands at Rs. 59,650 crore in FY23-24 compared to Rs. 47,076 in FY22-23, signifying a record growth of 26.7 percent. 

On a year-on-year basis, the Loan Sanctioned increased by 101.71 percent to Rs. 23,796 crore in Q4 FY23–24 from Rs. 11,797 crore in Q4 FY22–23. 

Loan Disbursement was Rs. 12,869 crore in Q4 FY23-24 compared to Rs. 11,291 crore in Q4 FY22-23, indicating a year-on-year growth of nearly 14 percent. 

In terms of financials, the company’s standalone revenue from operations grew by nearly 44.1 percent YoY from Rs. 869 crore in Q3 FY22-23 to Rs. 1,253 crore in Q3 FY23-24, accompanied by an increase in net profit of 67.1 percent YoY, from Rs. 201 crore in Q3 FY22-23 to Rs. 336 crore in Q3 FY23-24. 

Indian Renewable Energy Development Agency Limited (IREDA) is a government enterprise under the administrative control of the Ministry of New and Renewable Energy (MNRE). 

IREDA was established in 1987 as a Non-Banking Financial Institution engaged in the business of promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency or conservation. 

Written by Shivani Singh


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