IREDA shares rise 7% after positive fourth-quarter results

Shares of Indian Renewable Energy Dev Agency (IREDA) rose over 6% after the company posted a 33% rise in its net profit to Rs 337.37 crore for the quarter ended March 2024. The strong performance of the business were helped by higher revenues.

IREDA stock rose over 11% to the day’s high of Rs 179 on the National Stock Exchange in early morning trade.

During the January-March quarter of fiscal 2022-23, the state-owned company had reported a profit of Rs 253.61 crore. IREDA’s total revenue during the fourth quarter of fiscal 2023-24 rose to Rs 1,391.63 crore from Rs 1,036.31 crore a year ago. However, the company’s expenses also rose to Rs 911.96 crore in the period under review, compared to Rs 747.93 crore in the previous year period.

In a separate statement, IREDA announced that it has achieved an all-time record annual profit after tax (PAT) of Rs 1,252.23 crore, registering a growth of 44.83% over the previous year’s Rs 864.62 crore.

As of 10:35 am, shares of IREDA were trading 6.72% higher at Rs 171.50, reflecting the positive market reaction to the company’s strong financial performance.