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IREDA sanctioned loans worth ₹31,087 crore during the quarter, which is a growth of 129% from the same quarter last year. The state-run renewable energy financier had sanctioned loans worth ₹13,558 crore during the quarter that ended in December 2023.
Disbursements for the December quarter also increased by 41% from the year-ago quarter to ₹17,236 crore, compared to ₹12,220 crore last year.
At the end of the December quarter, IREDA’s loan book outstanding stood at ₹69,000 crore, a 36% jump from the ₹50,580 crore figure at the end of December 2023.
IREDA completed its first full year of listing in November 2024. As of December 31, the stock is up 6x over its IPO price of ₹32, despite having corrected 30% from its all-time high level of ₹310.
In October last year, IREDA received approval from the Department of Disinvestment and Public Asset Management (DIPAM) for the establishment of a wholly-owned subsidiary to house its retail business.
The retail business will include PM KUSUM, rooftop solar, and other consumer-focused segments in renewable energy, such as electric vehicles, energy storage, green technologies, and energy efficiency, the company had stated in a filing.
IREDA’s board has also approved raising funds to the tune of ₹4,500 crore through a Qualified Institutional Placement (QIP), although no timeline has been shared for the same.
Shares of IREDA ended 1.6% lower on Tuesday at ₹215. Despite the correction from its peak, the stock doubled in 2024, ending with returns of 105%.
