IREDA, the Indian Renewable Energy Development Agency, witnessed a remarkable surge of over 10% in its share price during Monday’s session following the announcement of being granted ‘Navratna status’ by the Department of Public Enterprises, a recognition for public sector undertakings. The stock opened at ₹186.20 on the BSE, touching an intraday high of ₹191.50 and a low of ₹182.05.
Analysts view the ‘Navratna’ status as a significant milestone for IREDA, enabling the government-owned entity to expedite its goals and initiatives without the need for frequent government clearances, especially for various joint ventures both domestically and internationally. This development is anticipated to positively impact the company’s performance and stock performance, particularly in light of its robust Q4 results for 2024.
IREDA reported a 33% rise in net profit to ₹337.37 crore for the quarter ending in March 2024, supported by increased revenue. Total revenue for the quarter rose from ₹1,036.31 crore to ₹1,391.63 crore, while expenses increased from ₹747.93 crore to ₹911.96 crore compared to the same period last year.
Furthermore, the company announced an all-time high annual profit after tax (PAT) of ₹1,252.23 crore, marking a significant 44.83% increase from the previous fiscal year.
According to Trendlyne data, IREDA’s share price has surged over 480% since its debut in November. The stock made a stellar debut on the bourses, listing at ₹50 per share on both the NSE and BSE, a 56.25% increase from its issue price of ₹32.
Disclaimer: The views and recommendations mentioned above are those of individual analysts and experts, and investors are advised to consult certified experts before making any investment decisions.
