IREDA Q2 Results: Stock surges after 41% profit growth, asset quality improves

Shares of state-run Indian Renewable Energy Development Agency Ltd. (IREDA) recovered from the lows of the day to gain as much as 2.3% on Tuesday, October 14, in response to its September quarter results.

The company's Net Interest Income (NII) or core income for the quarter increased by 49.5% on a year-on-year basis to $817 crore from ₹547 crore last year.

Net profit for the period also increased by 41.5% from the same quarter last year to ₹549 crore.

Asset quality improved on a sequential basis for the company. Gross Non-Performing Assets improved to 3.97% from 4.13% in the June quarter, while Net Non-Performing Assets improved to 1.97% from 2.06% in the previous quarter.

Operating profit at the end of the quarter increased by 55% from the same quarter last year to ₹766 crore from ₹494 crore year-on-year.

In its business update that it released earlier this month, IREDA's loans sanctioned until September 30, 2025, increased by 86% from the same quarter last year to ₹33,148 crore.

IREDA's disbursements increased by 54% on a year-on-year basis to ₹15,043 crore, while its loan book outstanding at the end of the September quarter grew by 31% on a year-on-year basis to ₹84,445 crore.

Shares of IREDA have recovered from the lows of the day and are now trading 2.6% higher at ₹153.79. The stock though, is still down 50% from its all-time high level of ₹310.

To be updated with more details.