IREDA Shares Surge Nearly 6% as PSU Reports Strong Q3FY25 Business Update

New Delhi, January 1, 2025 - Shares of Indian Renewable Energy Development Agency Limited (IREDA) jumped nearly 6% on the first trading day of 2025 after reporting a strong quarterly business update. The PSU's stock skyrocketed as much as 5.83% to hit an intraday high of Rs 227.70 per share.

The company reported a substantial 129% year-on-year (YoY) jump in loan sanctions for Q3FY25, reaching Rs 31,087 crore, up from Rs 13,558 crore in the same period last year. Loan disbursements also grew 41% to Rs 17,236 crore, up from Rs 12,220 crore in Q3FY24.

The PSU's outstanding loan book stood at Rs 69,000 crore at the end of Q3FY25, a 36% rise from Rs 50,580 crore a year earlier. This positive news led to an uptick in IREDA shares, which were trading at Rs 222.50 per share, up 3.42% against its previous close.

As a Non-Banking Financial Company (NBFC) and a Mini Ratna (Category – I) enterprise, IREDA's primary mandate is to promote the development of renewable energy projects and energy efficiency. The agency provides critical financial support and services to boost green power capacity, while also financing solar manufacturing units and encouraging the adoption of renewable energy to drive sustainable development.

The surge in IREDA shares has been impressive, with a 112% return over the past one year as against Sensex's 8.2%. The stock debuted on the NSE and BSE after its initial public offering (IPO) in November 2023, listing at Rs 50 on the BSE, a 56.25% premium over the IPO price of Rs 32.

With this latest update, investors are hopeful that IREDA will continue to drive growth in the renewable energy sector, providing a promising outlook for the company's future.