IREDA shares zoom 9% after PAT jumps 30% YoY in Q1
Shares of IREDA rallied 9% to a fresh 52-week high of Rs 310 on BSE after the company reported a net profit of Rs 384 crore for the quarter ended June 30, 2024, compared to Rs 295 crore in the year-ago period.
Shares of rallied 9% to a fresh 52-week high of Rs 310 on BSE after the company reported a net profit of Rs 384 crore for the quarter ended June 30, 2024, compared to Rs 295 crore in the year-ago period.The company’s revenue from operations stood at Rs 1,502 crore in the quarter against Rs 1,144 crore logged in the corresponding quarter of the previous financial year, an over 32% uptick.
The state-run NBFC sanctioned loans worth Rs 9,210 crore, up 387% from Rs 1,892 crore, the company stated in its filing to the exchanges. Loans disbursed totaled Rs 5,326 crore, a 68% increase from Rs 3,173 crore in the year-ago period. IREDA's net worth rose 45% to Rs 9,110 crore against Rs 6,290 crore.
Recently, the PSU also successfully raised bonds worth Rs 1,500 crore, which were oversubscribed by 2.65 times. This included a base issue of Rs 500 crore and a green shoe option of Rs 1,000 crore.
The company was also granted 'Navratna' status by the Department of Public Enterprises, which is granted to premier PSUs, empowering them to execute significant investments of up to Rs 1,000 crore without requiring central authority approval.
IREDA's IPO was launched in November 2023 with a price band of Rs 30-32 per share. However, the stock debuted on the exchanges at Rs 50. Since its listing, the stock has surged nearly 520%.
Source: Stocks-Markets-Economic Times
