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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
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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'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:
- 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.
- 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’
- 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.
- The company posted a 33% YoY rise in its net profit to ₹337.38 crore in the March quarter (Q4FY24).
- 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
- 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.”
