Indian Renewable Energy Dev Agency (IREDA) shares surged over 6% after the firm posted a 33% rise in its net profit to Rs 337.37 crore for the quarter ended March 2024. The company’s strong performance was aided by higher income.
The IREDA stock rose over 11% to the day’s high of Rs 179 on the National Stock Exchange in early morning trade.
During the January-March quarter of the fiscal year 2022-23, the state-owned company had reported profit of Rs 253.61 crore. IREDA’s total income during the fourth quarter of the financial year 2023-24 increased to Rs 1,391.63 crore from Rs 1,036.31 crore a year ago . However, the company’s expenses also increased to Rs 911.96 crore in the period under review from Rs 747.93 crore in year-ago period.
In a separate statement, IREDA announced that it has achieved an all-time high annual profit after tax (PAT) of Rs 1,252.23 crore, marking a growth of 44.83% over the previous year’s Rs 864.62 crore.
As of 10:35 am, IREDA’s shares were trading 6.72% higher at Rs 171.50, reflecting the market’s positive reaction to the company’s strong financial performance.