The shares of this public sector enterprise gained up to 8 percent after the company’s board scheduled a meeting to consider and approve the proposal for fundraising up to Rs 4,500 crore.
Indian Renewable Energy Development Agency Ltd has a market capitalization of Rs 69,236.82 crore, the shares were trading at Rs 259.30 per share, increasing around 8.54 percent as compared to the previous closing price of Rs 238.90 apiece.
Reason for Rise:-
Today, the company shares have seen significant movement after Indian Renewable Energy Development Agency Ltd’s board of directors scheduled a meeting to consider and approve the proposal for fundraising up to Rs 4,500 crore in one or more tranches through FPO, QIP, Right Issue, Preferential Issue or a combination of this.
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Financial performance:-
Looking forward into the company financial condition, revenue zoomed by 32 percent from Rs 1,143 crore in Q1FY24 to Rs 1,510 crore in Q1FY25, during the same time frame net profit magnified by 30 percent from Rs 295 crore to Rs 384 crore.
Key projects & Geographicap Presence:-
IREDA has supported projects in a variety of renewable energy sectors, including solar power, wind power, hydropower, transmission, biomass (including bagasse and industrial co-generation), waste-to-energy, ethanol, compressed biogas, hybrid RE, EEC, and green mobility. In fiscal year 24, IREDA’s portfolio is geographically diverse, including 23 states and four union territories.
Loan Book:-
The company has a diversified loan book of Rs. 60,000 crs. in FY24. It has demonstrated strong growth of 27% from FY23. 75% of outstanding loan to Private Sector.
In FY24, the firm sanctioned Rs.37,353.68 Cr and disbursed Rs.25,089.04 Cr, representing a 14.63% and 15.94% growth, respectively, over FY23 loan sanctions of Rs.32,586.60 Cr and disbursements of Rs.21,639.21 Cr.
Company profile:-
IREDA is the country’s largest pure-play green finance NBFC. It offers a full suite of financial products and services for Renewable Energy (RE) projects and adjacent value chain operations such as equipment manufacture and transmission, from project conception to post-commissioning.
Written by:- Abhishek Singh
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