IREDA Q2 Results: Multibagger Energy PSU Company Reports 36% Jump In Net Profit YoY; Full Earnings

Indian Renewable Energy Development Agency (IREDA) has announced robust financial results for the second quarter ending September 30, 2024, with a net profit of Rs 387.74 crore. This marks a 36% increase from the Rs 284.73 crore reported in the same period last year. The company's strong performance in Q2 also saw its net profit marginally surpass the Rs 383 crore reported in the previous June quarter.

In the second quarter of FY25, IREDA's total income jumped by an impressive 38.5%, reaching Rs 1,630 crore. This is a rise from Rs 1,177 crore recorded during the corresponding period last year. In comparison, the June quarter saw the company's total income at Rs 1,510 crore.

IREDA's net interest income (NII), which is the difference between the income generated from lending activities and the interest paid to depositors, also saw substantial growth. The NII surged by 52% year-on-year (YoY) to Rs 546.9 crore, compared to Rs 359.8 crore in Q2 FY24.

Despite the impressive profit growth, IREDA's Gross Non-Performing Assets (NPA) ratio remained unchanged at 2.19% during Q2 FY25. However, the company's Net NPA ratio saw a slight uptick, rising to 1.04% from 0.95% in the previous quarter. IREDA's debt-equity ratio stood at 5.85x at the end of the September quarter, which is almost unchanged from the 5.83x reported in the June quarter.

For the first half of FY25 (H1 FY25), IREDA's net profit surged by over 33%, reaching Rs 771.4 crore, compared to Rs 579.3 crore in H1 FY24. Additionally, the company's total income for the first half of the financial year saw a remarkable 35% increase, totalling Rs 3,141 crore versus Rs 2,320 crore in H1 FY24.

One of the most striking aspects of IREDA's performance in H1 FY25 was the 303% increase in loan sanctions. The company sanctioned loans worth Rs 17,860 crore, a massive jump compared to the Rs 4,437 crore sanctioned during the same period last year.

IREDA's stock reflected the positive sentiment surrounding its financial performance, ending the trading day 1.12% higher at Rs 233.75 per share on the National Stock Exchange (NSE).