India Renewable Energy Development Agency (IREDA) Limited has released its business update for the October-December quarter. The company said in its exchange filing that IREDA approved loans worth Rs 31,087 crore in the corresponding quarter, an increase of 129 per cent. The government Renewable Energy Finance Company had approved a loan of Rs 13,558 crore in the December 2023 quarter.
Loan repayments in the December quarter stood at Rs 17,236 crore, an increase of 41% year-on-year, compared to Rs 12,220 crore made by the company in the same period last year. The outstanding amount of IREDA’s loan book increased by 36% to Rs 69,000 crore at the end of the December quarter, compared to Rs 50,580 crore in the December 2023 quarter.
IREDA had completed one year of listing in November 2024. As of December 31, 2024, this stock is more than 6 times its IPO price (Rs 32). However, this stock has seen a correction of 30% from its all-time high level of Rs 310. IREDA has received approval from the Department of Disinvestment and Public Asset Management (DIPAM) in October last year to form a subsidiary company for its retail business.
The company said in the filing that the retail business will include PM KUSUM, rooftop solar and segments directly related to consumers, such as electric vehicles, energy storage, green technologies etc. IREDA has approved funding of Rs 4,500 crore through Qualified Institutional Placement (QIP).
IREDA shares closed at Rs 221.76 with a rise of 3.02 per cent. Despite correction from its peak, the stock gave double returns in 2024.