Indian Renewable Energy Development Agency (IREDA) has announced its plans to establish a wholly-owned subsidiary in the retail sector. This development comes after the company received the necessary approvals from the Department of Investment and Public Asset Management (DIPAM) and the Ministry of New and Renewable Energy.
What Happened: IREDA made the announcement on Thursday evening. The new subsidiary will cater to retail businesses such as PM KUSUM, rooftop solar programs, and other B2C segments in renewable energy. It will also venture into emerging renewable energy sectors, including electric vehicles, energy storage, green technologies, sustainability, and energy efficiency.
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This move comes on the heels of IREDA’s impressive performance in the second quarter of 2024. The company reported a 36% increase in net profit, which stood at ₹387.74 crore, compared to ₹284.73 crore in the same quarter of the previous year. The revenue from operations also saw a significant jump of 36%, reaching ₹1,577 crore from ₹1,152 crore in the corresponding quarter of the previous year, as per the earnings report.
Price Action: IREDA's share price was up 1.11% to close at ₹233.69 on Thursday.
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