India's IREDA jumps on higher quarterly profit, Phillip Capital raises to 'neutral'

Indian Renewable Energy Development Agency

16/04/2025 07:25

** Shares of Indian Renewable Energy Development Agency (IREDA) INAR.NS rise as much as 7.5% to 179.50 rupees, highest since February 21

** The renewable energy financier on Tuesday reported 48.7% Y/Y increase in fourth-quarter profit, 40.1% Y/Y rise in interest income

** Phillip Capital see strong loan growth for IREDA at a CAGR of ~23% over FY25-27 on rising demand for renewable energy in the country

** However, brokerage says higher exposure to private sector and high proportion of vulnerable portfolio do not provide confidence for low credit costs in the medium term

** Upgrades stock to "Neutral" rating from "Sell", maintains TP at 150 rupees

** More than 68.9 mln shares change hands, 3.5x of 30-day avg

** Stock last up 5%, trimming YTD loss to 18.5%

 (Reporting by Ashish Chandra in Bengaluru)

 ((ashish.chandra@thomsonreuters.com (+91 7982114624))