IREDA: IREDA Q2 Results: PAT jumps 36% YoY to Rs 388 crore, revenue up 38%

State-run Indian Renewable Energy Development Agency (IREDA) on Thursday reported a net profit of Rs 388 crore for the quarter ended September 30, 2024 which was up 36% over Rs 285 crore reported by the company in the year ago period. Revenue from operations in Q2FY25 stood at Rs 1,629 crore which was up by 38% against Rs 1,177 crore reported by the company in Q2FY24.

On a sequential basis, profit after tax (PAT) was up by 1% over a PAT of Rs 384 crore reported in Q1FY25 while revenue was up 8% versus Rs 1,510 crore posted by the company in the April-June quarter.

The power NBFC incurred expenses of Rs 1,170 crore in the reported quarter versus Rs 797 crore in the year ago period. This translates into a 47% YoY in quarterly expenses of the company.

The earnings were announced after market hours and IREDA shares closed at Rs 232.70 on the NSE, up by Rs 1.57 or 0.68% over the Wednesday closing price.

Company’s profit before tax (PBT) for the reported quarter stood at Rs 460 crore versus Rs 380 crore in the year ago period. However, PBT was lower on a sequential basis from Rs 476 crore reported in Q1FY25.

Company’s cash and cash equivalents in the reporting quarter stood at Rs 494 crore versus Rs 360 crore in the corresponding quarter of the previous financial year.IREDA is a Navratna company which works under the aegis of Ministry of New and Renewable Energy (MNRE). IREDA, a Non-Banking Financial Institution is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy.IREDA shares were listed on November 29, 2023 and have delivered multibagger returns of 290% since then.

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