IREDA shares jump over 11% after company logs highest-ever net profit in FY24

IREDA, the nation's largest pure-play green financing NBFC, witnessed an 11.40% surge in its share price during today's early morning trading session, reaching ₹179 apiece. On Friday, post-market hours, the company released its FY24 financial results, achieving an all-time high annual profit after tax of ₹1252.23 crore, marking an impressive growth of 44.83% over the previous fiscal year 2022–23. 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. 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. In the March quarter, 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.