IREDA‘s share price was racing at the bourses on Friday morning going up over 2% to hit an intraday high of ₹239.90.

What Happened: IREDA reported a net profit of ₹387.74 crore in the July-September quarter, marking a 36% increase from ₹284.73 crore in the same period last year. Revenue from operations surged 36% to ₹1,577 crore, compared to ₹1,152 crore in the corresponding quarter of the previous year.

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Net interest income, which represents the difference between the lender’s earnings from lending activities and the interest paid to depositors, rose by 52%, reaching ₹546.9 crore from ₹359.8 crore in the same quarter last year.

The power financier also announced plans to establish a wholly-owned subsidiary in the retail sector, after receiving approvals from the Department of Investment and Public Asset Management (DIPAM) and the Ministry of New and Renewable Energy. This move marks a significant step in the company’s expansion strategy.

Price Action: IREDA’s share price was up 1.72% to trade at ₹237.72 as the markets opened on Friday.

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