IREDA Stock Hits Record High, Surges 7.41% Ahead Of Q1FY25 Earnings Announcement

The shares of Indian Renewable Energy Development Agency Limited (IREDA) on Friday (July 12) surged to a 7.41 per cent, reaching to an all time high of Rs 304.60 during the intraday ahead of its Q1 FY25 earnings announcement.

The company is set to announce its first quarter of fiscal 2025 earning on today.

With this record setting performance, the stock of the company has surged over 190 per cent on a year-to-date (YTD) basis.

As of 2:09 pm IST, the shares of the company were trading at Rs 291.63, up by 7.94  points or 2.80 per cent.

One of the recent surge in the stock prices of the company follows by the announcement of the company's June quarter shareholding pattern which highlights that the foreign portfolio investors (FPIs) had doubled their stake to 2.7 per cent by June 30, 2024, a surge from 1.36 per cent in the March 2024 quarter.

Financial Performance

The company in the June 2024 quarter reported that its loan sanctions increased to Rs 9,136 crore, a surge of 382.62 per cent year-on-year (YoY) from Rs 1,893 crore in the same period last year.

Similarly, the loan disbursements for the quarter reached Rs 5,320 crore, up 67.61 per cent YoY. The outstanding loan book stood at Rs 63,150 crore, marking a 33.77 per cent increase YoY.

Moreover , in the April-June period, the number of shareholders owning shares valued at less than Rs 2 lakh increased to 22.15 lakh.

IPO to All-Time High

Starting from an IPO issue price of Rs 32 per share, the stock has skyrocketed by 790 per cent. Since its listing at Rs 50 per share, it has rallied approximately 470 per cent, with a 185 per cent gain in 2024 alone.

Last year in November, IREDA made its stock market debut at Rs 32 per share.