IREDA granted 'Navratna' status, shares surge over 10%
Author: BI Bureau
New Delhi: The Indian Renewable Energy Development Agency (IREDA) witnessed a remarkable surge in its share price, soaring over 10%, following the announcement of its newly conferred 'Navratna status' by the Department of Public Enterprises.
Opening at Rs186.20 per share on the Bombay Stock Exchange (BSE), IREDA's shares reached an intraday high of Rs 191.50.
The bestowed 'Navratna status' empowers IREDA with enhanced autonomy, enabling swifter execution of its strategic initiatives and objectives. Additionally, the attainment of this status liberates the government-owned entity from the requirement of obtaining clearance for various joint ventures, both domestically and internationally.
The positive market response was further fueled by IREDA's robust financial performance in the fourth quarter of fiscal year 2023-24. The company reported a substantial 33% increase in net profit, amounting to Rs 337.37 crore for the quarter ending in March 2024, compared to Rs 253.61 crore in the corresponding period of the previous fiscal year. Furthermore, the overall revenue surged from Rs 1,036.31 crore to Rs 1,391.63 crore during the same period.
Moreover, IREDA achieved a historic milestone with an all-time high annual profit after tax (PAT) of Rs 1,252.23 crore, marking 44.83% surge from the preceding fiscal year's figure of Rs 864.62 crore in 2022-2023. /BI
