IREDA Q2 Results: Navratna PSU’s Profit Surges Over 40%, Revenue Sees Over 25% Uptick
The Indian Renewable Energy Development Agency (IREDA) reported its second quarter earnings early Tuesday, showcasing a remarkable growth in revenue and net profit. The company saw a 26.2% uptick in revenue, rising to Rs 2,057 crore, compared to Rs 1,630 crore reported during the previous year.
Key Highlights of IREDA’s Q2 Results
The company’s bottom-line rose over 41.6% to Rs 549 crore, during this quarter, compared to Rs 388 crore reported during the same quarter in the previous year. The net interest income (NII) was up 49.4% to Rs 817 crore, compared to Rs 547 crore during the same quarter in the previous year.
IREDA Q2 Highlights
- Revenue up 26.2% at Rs 2,057 crore versus Rs 1,630 crore.
- Net Interest Income up 49.4% at Rs 817 crore versus Rs 547 crore.
- Net Profit up 42% at Rs 549.33 crore versus Rs 387.75 crore.
IREDA is a ‘Navratna’ public sector enterprise and comes under the Ministry of New and Renewable Energy (MNRE). Founded in 1987, it functions as a Non-Banking Financial Institution (NBFI) dedicated to advancing and financing ventures in renewable energy and energy efficiency. Guided by its vision of ‘Energy for Ever’, the organisation plays a key role in supporting sustainable energy initiatives across the country.
For investors looking to diversify their portfolio and invest in renewable energy stocks, IREDA’s Q2 results are a significant development. The company’s growth trajectory and commitment to sustainable energy make it an attractive option for those interested in ESG investing.
Stock Market Reaction
IREDA stock rose as much as 3.68% during the day to Rs 155.59 apiece on the NSE. It was trading 2.33% higher at Rs 153.50 apiece, compared to an 0.08% decline in the benchmark Nifty 50 as of 10:58 a.m. The stock had declined 30.67% in the last 12 months and declined 28.60% on a year-to-date basis.
For investors looking to stay updated on the Indian stock market news and trends, it is essential to keep a close eye on the performance of companies like IREDA. The company’s Q2 results are a testament to the growing importance of renewable energy sector in India and its potential for growth and investment.
Analyst Ratings and Target Price
One out of the two analysts tracking the company has a ‘buy’ rating on the stock, and the other recommends a ‘hold’, according to Bloomberg data. The 12-month analysts’ consensus target price on the stock is Rs 151.79. For investors looking to make informed decisions, it is crucial to stay updated on stock market analysis and trends.
