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HomeMarket NewsIREDA shares in focus after gross NPA rises by 30% in Q3
In percentage terms, Gross NPA stood at 2.68% from 2.19% in September, while Net NPA stood at 1.5% from 1.04% in September.
Shares of Indian Renewable Energy Development Agency (IREDA) Ltd. will be in focus on Friday, January 10, after the state-run renewable energy financier reported its December quarter results after market hours on Thursday.
A bigger factor that may determine the share price reaction will be the deterioration in the company's asset quality during the December quarter.
In absolute terms, IREDA's Gross Non-Performing Assets (NPAs) rose 30.4% from the September quarter to ₹1,845.5 crore, while its Net NPAs increased by 53.75% sequentially to ₹1,024 crore.
In percentage terms, Gross NPA stood at 2.68% from 2.19% in September, while Net NPA stood at 1.5% from 1.04% in September.
Provision Coverage Ratio at the end of the December quarter stood at 44.5% from 52.9% in the previous quarter.
IREDA's Net Interest Income (NII) during the quarter increased by 39% from last year to ₹622.25 crore, while its net profit grew by 27% to ₹425.4 crore.
Provisions for the quarter tripled from September to ₹104 crore.
Shares of IREDA had ended at the lowest point of the day on Thursday, down over 3% at ₹215.15. The stock has already corrected 30% from its peak of ₹310.
First Published:
Jan 10, 2025 8:12 AM
IST
