Q2 Results: IREDA profit jumps over 36% YoY to ₹388 crore in September quarter, revenue up 38.5% | Stock Market News
Source: Live Mint
Indian Renewable Energy Development Agency (IREDA) on Thursday, October 10 reported a net profit of ₹387.74 crore for the quarter ended September 30, 2024, up over 36% uptick from ₹284.73 crore reported in the year-ago period. The net profit figure is also marginally higher than the ₹383 crore it reported during the June quarter.
The total income stood jumped 38.5 percent to ₹1,630 crore in the quarter under review as against ₹1,177 crore logged in the corresponding quarter of the previous financial year. In the June quarter, the revenue from operations stood at ₹1,510 crore.
Net interest income—the difference between a lender’s income from lending activities and interest paid to depositors—stood at ₹546.9 crore in Q2FY25, a 52 percent YoY jump from the ₹359.8 crore reported in the corresponding quarter last year.
Meanwhile, IREDA’s Gross Non-Performing Assets (NPA) remained unchanged at 2.19 percent. The Net NPA saw a slight increase, rising to 1.04 percent in Q2FY25 from 0.95 percent in the previous quarter (Q1FY25). The renewable energy financier’s debt-equity ratio also remained relatively stable, standing at 5.85x compared to 5.83x in the June quarter.
For the first half of FY25 (H1FY25), the company’s net profit increased over 33 percent to ₹771.4 crore versus ₹579.3 crore in H1FY24. Total income also jumped over 35 percent to ₹3,141 crore as against ₹2,320 crore in H1FY24.
Additionally, the company reported a whopping 303 percent increase in loan sanctions in the first half of the current financial year, sanctioning ₹17,860 crore worth of loans compared to ₹4,437 crore sanctioned during the same period last year.
The stock ended the day 1.12 percent higher at ₹233.75.
