IREDA shares in news today on Q3 earnings

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) are in news today after the firm announced its earnings for the last quarter. IREDA stock ended 3.31% lower at Rs 215.90 on Thursday against the previous close of Rs 223.30 on BSE. Market cap of the renewable energy stock slipped to Rs 58,028 crore. IREDA shares saw a high turnover of Rs 26.25 crore as 11.87 lakh shares changed hands on BSE. The earnings were announced on Thursday after market hours. 

In terms of technicals, relative strength index (RSI) of the stock stands at 51.8, signaling it's trading neither in the overbought nor in the oversold zone.

IREDA stock touched an all-time high of Rs 310 on July 15, 2024 and a 52 week  low of Rs 101.20 on January 10, 2024. 

The state-run renewable energy financier clocked a 26.8% year-on-year rise in its net profit for the December quarter. Profit climbed to Rs 425.4 crore in Q3 compared to Rs 335.5 crore in the same period last year. Net interest income (NII) climbed 39% YoY, to Rs 622.3 crore against Rs 448.1 crore in Q3 of the previous year.

Revenue from operations rose 35.6% year-on-year to Rs 1,698.45 crore in Q3 against Rs 1,252.85 crore in the corresponding quarter of the previous financial year.

Profit after tax (PAT) climbed 10% from Rs 387.75 crore in Q2FY25. The topline rose 4.2% quarter-on-quarter from Rs 1,629.56 crore in the July-September quarter.

IREDA is a Mini Ratna (Category - I) government enterprise. It is administratively controlled by the Ministry of New and Renewable Energy (MNRE). IREDA has been actively promoting, developing, and extending financial assistance for new and renewable energy projects, as well as energy efficiency and conservation projects for over 36 years.