IREDA shares in focus after Q1 results; here are key details

Shares of Indian Renewable Energy Development Agency Ltd (IREDA) are in focus on Monday morning after PSU said its profit after tax (PAT) climbed 30 per cent to Rs 384 crore for the June quarter compared with Rs 295 crore in the corresponding quarter of last year.

IREDA, whose shares rallied 172 per cent year-to-date and 375 per cent in the past one year, said its revenue from operations grew 32 per cent YoY to Rs 1,510 crore from Rs 1,143 crore in the same quarter last year. IREDA said its outstanding loan book stood at Rs 63,207 crore in Q1 against Rs 47,207 crore in the year-ago quarter, up 34 per cent. 

Tamil Nadu Generation And Distribution Corporation (Rs 2,300 crore), Northern Power Distribution Company of Telangana (Rs 2,192 crore), Karnataka Power Corporation (Rs 2,073 crore), GMR Bajoli Holi Hydropower (Rs 2,071 crore), Adani Solar Energy Ap Six (Rs 1,695 crore) and SJVN Green Energy (Rs 1,530 crore) were some of the major borrowers as per June quarter's outstanding loan book. 

Gross non-performing assets stood at Rs 1,385 crore at the quarter end, which was 2.19 per cent in percentage terms. This was an improvement over 2.36 per cent in March and 3.08 per cent in the year-ago quarter. June was the fourth straight quarter of asset quality improvement for IREDA. 

IREDA said its domestic borrowings stood at 84 per cent of total borrowings in Q1 against 75 per cent YoY. It raised a total Rs 5,373 crore for the quarter. 

Vanguard Total International Stock Index Fund, Vanguard Emerging Markets Stock Index Fund, iShares Core MSCI Emerging Markets ETF (IEMG), Government Pension Fund Global, Abu Dhabi Investment Authority - Monsoon and Emerging Markets Small Capitalization Equity Index Non-Lendable Fund were some of the investors in IREDA at the end of June quarter. The PSU, where the government held 75 per cent stake as of June 30 is 20.39 per cent owned by resident individuals.

Pradip Kumar Das, Chairman & Managing Director of IREDA, said the PSU's steadfast commitment to accelerating the adoption of renewable energy solutions in India is indicating a promising trajectory for investors and stakeholders.