NDTV Profit reported that IREDA shares climbed more than 7% intraday on Nov. 9, extending a recent rally. The lender’s latest results showed faster growth in lending than in profit.
The shares reached ₹119.54 on the BSE, up as much as 7.22% from the previous close, the outlet said. It reported that the stock had risen in eight of the past 10 trading sessions and gained about 20% over that span.
At the time of its Nov. 9 report, NDTV Profit said about 30 million shares had traded. It cited one-week and one-month average trading volumes of 6.1 million and 5.4 million shares, respectively.
IREDA finances renewable energy projects. India’s government held 71.76% of the company’s shares as of Sept. 30, according to IREDA’s investor presentation.
For the quarter ended Sept. 30, IREDA reported standalone loan disbursements of ₹10,579 crore, up 31% from ₹8,062 crore a year earlier. Its standalone outstanding loan book grew 15% from a year earlier to ₹97,411 crore.
Standalone revenue from operations rose 14% to about ₹2,345 crore from ₹2,057 crore. Standalone profit after tax increased about 1% to ₹554 crore from ₹549 crore, the company said in its Oct. 19 results release.
IREDA’s investor presentation showed lower nonperforming loan ratios than in the previous quarter. Gross nonperforming loans fell to 3.57% from 3.76%, while net nonperforming loans declined to 1.08% from 1.23%.
