IREDA shares up 12% after 'Navratna' status, stock up 5x from IPO price
IREDA share price today: The shares opened at ₹186.20 apiece on the BSE and went on to touch an intraday high of ₹191.50.
IREDA share price today: The share price of Indian Renewable Energy Development Agency (IREDA) rose over 10% today (April 29) after the PSU company was granted ‘Navratna status' from the department of public enterprises. The shares opened at ₹186.20 apiece on the BSE and went on to touch an intraday high of ₹191.50.
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What ‘Navratna status' means for IREDA?
Following the ‘Navratna status’, the government-owned business will be able to move more quickly to carry out its goals and ambitions. Also, government clearance will no longer be needed for several JVs in India and abroad under IREDA. The status comes after IREDA reported robust Q4 results.
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IREDA Q4 results
IREDA reported a 33% rise in net profit to ₹337.37 crore for the quarter ending in March 2024 which was flanked by greater income. Its net profit for the January–March quarter of FY23 was ₹253.61 crore and the overall revenue increased from ₹1,036.31 crore to ₹1,391.63 crore in the fourth quarter of FY24.
In the same period last year, IREDA saw costs of ₹747.93 crore while the period under review had expenses of ₹911.96 crore.
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IREDA reached an all-time high of ₹1,252.23 crore for annual profit after tax (PAT) which was up 44.83% from ₹864.62 crore in 2022–2023.
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