IREDA to raise funds via QIP; shares rise over 1% ahead of board meeting

Shares of the Indian Renewable Energy Development Agency (IREDA) climbed 1.1 per cent to Rs 209.50 connected January 20, 2025, aft the institution announced its committee gathering scheduled for January 23, 2025. The committee volition sermon and o.k. a fund-raising connection done Qualified Institutional Placement (QIP).

In a regulatory filing, IREDA stated, “The gathering of the committee of directors is scheduled connected Thursday, January 23, 2025, to see and o.k. raising funds done the issuance of equity shares via the QIP route.”

Fund-raising plans
IREDA had antecedently received committee support to rise Rs 4,500 crore done stock income to eligible institutions. The determination aligns with the company’s strategical extremity of expanding renewable vigor financing successful India.

Q3 FY25 show overview
IREDA’s fiscal results for Q3 FY25 highlighted robust growth:

• Net profit: The institution posted a 27 per cent year-on-year summation successful nett profit, reaching Rs 425.38 crore, up from Rs 335.53 crore successful Q3 FY24.

• Revenue growth: Revenue from operations surged 35.6 per cent YoY to Rs 1,698.45 crore compared to Rs 1,252.85 crore successful the aforesaid 4th of the erstwhile fiscal.

• Sequential growth: Profit aft taxation (PAT) roseate 10 per cent sequentially from Rs 387.75 crore successful Q2 FY25.

Improving plus quality
Gross NPAs for the 4th stood astatine Rs 1,845 crore, reflecting an betterment arsenic a percent of advances astatine 2.68 per cent versus 2.90 per cent successful Q3 FY24. Net NPAs were recorded astatine Rs 1,024 crore, showing a diminution to 1.50 per cent compared to 1.52 per cent successful the aforesaid play past year.

Market outlook
Despite caller gains, IREDA shares person declined 24 per cent implicit the past six months but person gained 67 per cent implicit the past year. The banal closed astatine Rs 207 connected January 19, with analysts recommending a 'Hold' and a people terms of Rs 215, indicating a imaginable upside of 4 per cent.

With coagulated fiscal show and upcoming fund-raising plans, IREDA remains a cardinal subordinate successful India’s renewable vigor sector.