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Navratna PSU Stock, IREDA faces 3% decline in share price despite strong Q3 results, Check now

by Psu Connect
Date: 10-01-25

On January 10, the shares are in a bearish zone once again despite strong Q3 results. The stock opened today at Rs. 218 and quickly fell 1.93% to Rs. 211.93 at around 11:30 am.

Navratna PSU Stock, IREDA faces 3 decline in share price despite strong Q3 results, Check now

Multi-bagger Stock, Indian Renewable Energy Development Agency Ltd shares faced volatility when amid firm announced its earnings for the last quarter. IREDA stock ended 3.31% lower at Rs 215.90 on Thursday against the previous close of Rs 223.30 on BSE.

Stock Price Today: On January 10, the shares are in a bearish zone once again despite strong Q3 results. The stock opened today at Rs. 218 and quickly fell 1.93% to Rs. 211.93 at around 11:30 am. Over the past five days, IREDA's shares have experienced a short-term dip of 6.16%.

Additionally, the stock has faced a more significant pullback, losing over 14% in value over the past six months. IREDA's stock has delivered impressive multi-bagger returns in the current year, soaring by an astonishing 106% due to the company's strong financial performance in the second quarter of FY25. Moreover, IREDA's shares are now trading more than 600% higher than their IPO price of Rs 32.

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The market cap of the renewable energy stock slipped to Rs 58,028 crore. IREDA shares saw a high turnover of Rs 26.25 crore as 11.87 lakh shares changed hands on BSE. The earnings were announced on Thursday after market hours.

In terms of technicals, the relative strength index (RSI) of the stock stands at 51.8, signaling it's trading neither in the overbought nor in the oversold zone. IREDA stock touched an all-time high of Rs 310 on July 15, 2024, and a 52-week low of Rs 101.20 on January 10, 2024.

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Financial results of Q3: IREDA's revenue from operations reached Rs.1,698.99 crore in Q3 FY 2024-25, marking a 35.57% increase compared to Rs.1,253.20 crore in the corresponding quarter of the previous fiscal year. The company also reported a profit before tax (PBT) of Rs. 538.20 crore, showing a 39.38% growth from Rs. 386.14 crore in Q3 FY 2023-24.

Profit After Tax (PAT), or net profit, stood at Rs.425.37 crore, registering a 26.77% QoQ increase from Rs.335.54 crore in the same quarter of the previous fiscal year. The earnings per share (EPS) improved to Rs. 1.58, registering a 15.03% growth from Rs. 1.38 in Q3 FY 2023-24.

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