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IREDA shares surge over 11% today. What's happening? Should you buy?

IREDA share price: The company's FY24 financial results showed an all-time high annual profit after tax (PAT) of ₹1252.23 crore.

Published on: Apr 22, 2024, 10:43:31 IST
By HT News Desk
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IREDA share price: The share price of IREDA surged 11.40% today (April 22) reaching ₹179 apiece after the company's impressive financial performance in Q4FY24. The company's FY24 financial results showed an all-time high annual profit after tax (PAT) of ₹1252.23 crore- a growth of 44.83% over the previous fiscal year 2022–23. The company also said that it reduced its net non-performing assets (NPAs) to 0.99% in FY 2023–24 from 1.66% in FY 2022–23.

IREDA share price: The annual profit after tax (PAT) saw a growth of 44.83% over the previous fiscal year 2022–23.
IREDA share price: The annual profit after tax (PAT) saw a growth of 44.83% over the previous fiscal year 2022–23.

IREDA's loan book grew from ₹47,052.52 crore as of March 31, 2023, to ₹59,698.11 crore as of March 31, 2024- a growth of 26.81%.

Read more: Q4 results this week: Reliance, Maruti Suzuki among firms to declare earnings. Check full list here

Main points on IREDA's Q4 results:

  1. The company achieved all-time high annual loan sanctions of ₹37,353.68 crore and disbursements of ₹25,089.04 crore in the financial year 2023–24.
  2. This marks an increase of 14.63% and 15.94%, respectively, over the previous financial year loan sanctions of ₹32,586.60 crore and disbursements of ₹21,639.21 crore. Read more: Elon Musk's Texas Tesla gigafactory gets a visit from his mother: ‘Utterly fabulous’
  3. The net worth of the company as of March 31, 2024, reached ₹8,559.43 crore as against ₹5,935.17 crore, year ending March 31, 2023.
  4. The company posted a 33% YoY rise in its net profit to ₹337.38 crore in the March quarter (Q4FY24).
  5. The loan sanction improved by 98.42% YoY to ₹23,407.57 crore as per the results. Read more: Gujarat State Petronet share price locked at 20% lower circuit. Here's why
  6. Pradip Kumar Das, Chairman & Managing Director of IREDA said, “IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders.”

 
ABOUT THE AUTHOR
HT News Desk

Follow the latest breaking news, major developments and agenda-setting stories from India and around the world with the newsdesk at Hindustan Times. Operating round the clock, the desk brings together experienced editors, reporters and correspondents to deliver fast, accurate and contextual reporting across subjects that influence public policy, governance, business, society and international affairs. The HT News Desk covers politics, elections, government policies, the economy, business and markets, science and technology, the environment, law and order, infrastructure, education, climate issues and geopolitics, while closely tracking developments across states, institutions and global capitals. The team also leads coverage of major breaking news events, policy announcements, court proceedings, natural disasters, public emergencies and significant international developments. Reports published by the newsdesk are based on information gathered from reporters on the ground, official statements, government agencies, court records, regulatory filings, recognised institutions and other authoritative sources. Stories undergo editorial scrutiny and verification processes to ensure accuracy, fairness and relevance, and are updated as events evolve and additional information becomes available. Whether covering a key political decision in New Delhi, an economic policy shift affecting millions, a landmark court ruling or a major global event, the HT News Desk aims to provide readers with reliable, fact-based journalism that delivers not only the latest developments but also the context and analysis needed to understand their wider implications.

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