The shares of this public sector enterprise gained up to 2 percent after the company received approval for an investment of Rs 174 crore in a Hydro-Electric Power Project in Nepal.
With a market capitalization of Rs 55,435.15 crore, the shares of Indian Renewable Energy Development Agency Ltd were trading at Rs 206.00 per share, increasing around 0.86 percent as compared to the previous closing price of Rs 204.25 apiece.
Reason for Rise
The shares of the company have seen positive movement after the Indian Renewable Energy Development Agency Ltd entered into an Agreement with a different entity for the execution and operation of the 900 MW Upper Karnali Hydro-Electric Power Project in Nepal, IREDA’s equity investment is 5 percent which will be amounting to approximately Rs.174.22 Crore.
Financial performance
Looking forward to the company’s financial condition, revenue zoomed by 35 percent from Rs 1,253 crore in Q3FY24 to Rs 1,698 crore in Q3FY25, during the same time frame net profit magnified by 26 percent from Rs 336 crore to Rs 425 crore.
Key Projects & Geographical 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.
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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 loans to the 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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