IREDA shares jump over 11% after company logs highest-ever net profit in FY24
₹179 apiece. This increase was fueled by investor enthusiasm following the company's impressive financial performance in Q4FY24 and for the full fiscal year of FY24.
On Friday, post-market hours, the company released its FY24 financial results, achieving an all-time high annual profit after tax (PAT) of ₹1252.23 crore, marking an impressive growth of 44.83% over the previous fiscal year 2022–23. Furthermore, the company has successfully reduced its net non-performing assets (NPAs) to 0.99% in FY 2023–24 from 1.66% in FY 2022–23, demonstrating a significant reduction of 40.52% year-on-year.
Also Read: HDFC Bank Q4 results: Should you buy, sell or hold the stock? The loan book of IREDA grew from ₹47,052.52 crore as of March 31, 2023, to ₹59,698.11 crore as of March 31, 2024, registering a growth of 26.81%. Additionally, the company achieved all-time high annual loan sanctions of ₹37,353.68 crore and disbursements of ₹25,089.04 crore in the financial year 2023–24, marking an increase of 14.63% and 15.94%, respectively, over the previous financial year loan sanctions of ₹32,586.60 crore and disbursements of ₹21,639.21 crore.
This marks the highest annual loan disbursement and sanction in the company's history. The net worth of the company as of March 31, 2024, reached ₹8,559.43 crore as against ₹5,935.17 crore, year ending March 31, 2023, reflecting an increase of 44.22%, as per company's earnings filing.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — April 22 In the March quarter (Q4FY24), the company posted a 33% YoY rise in its net profit to ₹337.38 crore, while the loan sanction improved by 98.42% YoY to ₹23,407.57 crore. "IREDA's steadfast commitment to accelerating the adoption of
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