Share price of this mid-cap PSU stock and renewable energy provider moved up by nearly 12.5 percent to hit an intraday high of Rs. 192 on the BSE in the morning trading session of Monday, compared to its previous closing price of Rs. 170.65, after receiving a ‘Navratna status’.
With a market capitalisation of Rs. 49,428 crores, at 10:36 a.m. the shares of Indian Renewable Energy Development Agency Limited were trading in the green at Rs. 183.95, up by 7.8 percent.
The company has given multibagger returns of about 210.5 percent in the last six months and nearly 77.8 percent of positive returns, so far in 2024.
According to the recent regulatory filings with the stock exchanges, the Department of Public Enterprises (DPE) granted the Navratna Status to the Indian Renewable Energy Development Agency Limited (IREDA) on 26th April.
Earlier this month on 17th April, IREDA inaugurated an office in GIFT City, Gandhinagar, focusing on the provision of Foreign Currency-denominated debt options.
This will significantly cut the financing costs associated with Green Hydrogen and Renewable Energy Manufacturing projects, allowing for natural hedging and accelerating India’s journey towards a greener future.
The Chairman and Managing Director of IREDA highlighted this strategic initiative during a panel discussion on “Future Growth Opportunities for Long Duration Energy Storage” at the World Future Energy Summit 2024 in Abu Dhabi.
In terms of financials, the company’s revenue from operations grew by around 34.3 percent from Rs. 1,036 crore in Q4 FY22-23 to Rs. 1,391 crore in Q4 FY23-24, accompanied by an increase in the net profit by 32.7 percent, from Rs. 254 crore in Q4 FY22-23 to Rs. 337 crore in Q4 FY23-24.
IREDA was established in 1987 as a Non-Banking Financial Institution and is currently engaged in 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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