Indian Renewable Energy Development Agency Q2 Results Live: Profit Rises by 36.18% YOY

Indian Renewable Energy Development Agency Q2 Results Live : Indian Renewable Energy Development Agency (IREDA) announced its Q2 results on 10 October 2024, showcasing a strong performance with a 37.11% year-on-year increase in revenue and a 36.18% rise in profit.

Compared to the previous quarter, the revenue grew by 6.45%, while profit saw a modest increase of 1.06%. These figures indicate a consistent upward trend in the company's financial health.

The company's selling, general, and administrative expenses rose by 5.12% quarter-on-quarter, but showed a slight decrease of 0.76% year-on-year, reflecting operational efficiency amidst rising costs.

Operating income experienced a decline of 8.23% from the previous quarter, although it still marked a significant increase of 34.89% year-on-year, highlighting the company's resilience in a competitive market.

Earnings per share (EPS) for Q2 stood at ₹1.55, which is a notable increase of 29.45% year-on-year, signaling strong profitability and shareholder returns.

In terms of stock performance, IREDA has delivered a 4.64% return over the last week, a remarkable 40.44% return over the past six months, and an impressive 127.32% year-to-date return, attracting investor interest.

Currently, the Indian Renewable Energy Development Agency boasts a market capitalization of ₹62810.38 crore, with a 52-week high and low of ₹310 and ₹50, respectively, underscoring its volatile yet promising stock performance.

As of 11 October 2024, among the two analysts covering IREDA, one has issued a 'Sell' rating while the other has provided a 'Buy' rating, indicating a divided outlook on the company's future prospects.