Shares of Indian Renewable Energy Development Agency (IREDA) Ltd. climbed over 4% today, trading at ₹224.63, following the company’s announcement of robust growth in loan sanctions and disbursements for the October-December 2024 quarter.
Key Highlights:
- Loan Sanctions: IREDA sanctioned loans worth ₹31,087 crore during the quarter, marking a 129% increase compared to ₹13,558 crore in the same period last year.
- Disbursements: The company disbursed ₹17,236 crore in loans, a 41% jump from ₹12,220 crore in the December 2023 quarter.
- Loan Book: The loan book outstanding reached ₹69,000 crore, reflecting a 36% growth from ₹50,580 crore at the end of December 2023.
Recent Developments:
IREDA, which celebrated its first full year of listing in November 2024, has seen its stock surge sixfold from its IPO price of ₹32, despite a 30% correction from its all-time high of ₹310. In October, the company received approval from the Department of Investment and Public Asset Management (DIPAM) to establish a wholly-owned subsidiary focusing on retail renewable energy businesses, including PM KUSUM, rooftop solar, electric vehicles, and green technologies.
Additionally, IREDA’s board has greenlit raising ₹4,500 crore through a Qualified Institutional Placement (QIP), although specific timelines are yet to be disclosed. These updates underscore the company’s commitment to bolstering renewable energy financing and expanding its market footprint.
