PSU stock engaged in promoting, developing, and extending financial assistance for renewable energy (RE) projects and many more hit a 5 percent upper circuit in the day’s trade following the announcement to consider raising funds of upto Rs. 24,200 Crores
With a market capitalization of Rs.37,266 Crores, the shares of Indian Renewable Energy Development Agency Limited hit a 5 percent upper circuit at Rs. 138.65. It has delivered multibagger returns of 131 percent in a year.
The Board of Directors of Indian Renewable Energy Development Agency Limited will be meeting on March 28, 2024, to consider the borrowing program of upto Rs. 24,200 Crores for the financial year 2024-25.
Indian Renewable Energy Development Agency Limited is a Miniratna Central Public Sector Enterprise engaged in the business of promoting, developing, and extending financial assistance for renewable energy (RE) projects, and energy efficiency & conservation (EEC) projects.
As of December 2023, IREDA has a diversified loan book of Rs 50,580 crores and it has financed projects across multiple RE sectors such as 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
Its revenue from operations grew by 44.18 percent from Rs. 869 Crores in Q3FY23 to Rs. 1,253 Crores in Q3FY24, accompanied by increasing profits of Rs. 201 Crores to Rs. 336 Crores.
It has reported a return on equity (ROE) of 15.4 percent and a return on capital employed (ROCE) of 8.17 percent, it is making decent returns on its equity and capital employed.
Written by: Bharath K.S
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