Indian Renewable Energy Development Agency Ltd (IREDA) on Thursday (October 10) announced its financial results for the second quarter of fiscal year 2024-25 (Q2FY25), the company announced through an exchange filing.
Profit Growth
For Q2FY25, IREDA posted a 36 per cent year-on-year (YoY) surge in net profit, reaching Rs 387.75 crore, up from Rs 284.73 crore in the same quarter last fiscal year (Q2FY24).
Compared to the previous quarter (Q1FY25), where the net profit was Rs 383.69 crore.
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Income and Expenses Surge
IREDA's total income for the July-September quarter rose to Rs 1,630.38 crore, compared to Rs 1,510.70 crore in Q1FY25.
However, the company also marked a surge in expenses, with total costs increasing to Rs 1,170.47 crore in Q2FY25 from Rs 1,034.96 crore in Q1FY25.
Earnings Q1FY25/Representative Image |
NII Growth
Furthermore, the company's Net Interest Income (NII), reported a 52 per cent YoY growth. The NII for Q2FY25 stood at Rs 546.8 crore, up from Rs 359 crore in Q2FY24.
Share Price Performance
The company's share price rose by 2.92 per cent to close at Rs 231.15 per share on Wednesday on BSE.
Meanwhile, on the NSE, IREDA shares closed at Rs 232.70, a 0.68 per cent gain.
The company's market capitalisation now stands at Rs 62,826.50 crore.
As of June 30, 2024, IREDA’s net worth surged to Rs 9,110.19 crore, a year-on-year growth of 44.83 per cent from Rs 6,290.40 crore in the previous year.
