IREDA Share Price: Indian Renewable Energy Development Agency Limited ( IREDA ) has announced its quarterly results for the July-September period of the current financial year. It has registered a profit of 36 percent. The PSU has also received approval from DIPAM and the New and Renewable Energy Ministry to set up a subsidized subsidiary for its retail business. In such a situation, experts have given their opinion on ET Now Swadesh regarding what kind of strategy should be adopted for investing in this stock. So let's know about it in detail.

IREDA Share Price Strategy: IREDA Share Price Strategy

Amid the declaration of IREDA results, the CEO of Vridhi Investment Vivek Karwa has shared his strategy for investing in this stock. He says that overall the company's results have been good. When the stock reached the level of Rs 290-300, it had bounced from the level of Rs 210-220. The stock is currently in a consolidation phase and this may continue for the next few days.

However, he added, "This business has a lot of potential in the future, especially if the company enters the B2C space. Today, there is a lot of focus on power and renewable energy, and I believe the government is already paying a lot of attention to alternative energy sources. Given the current developments in the Middle East, the government will likely increase its focus even more."

“So, the company is moving in the right direction and if it continues like this, the stock could do well. It looks like a good stock for the long term, but in the short term, you can expect to see some consolidation.

IREDA Q2 FY 2024-25 Result: Key Highlights

IREDA reported a Net Profit of Rs 388 crore in Q2 FY25, up 36 per cent from Rs 285 crorepercentsame period last year. Revenue from operating for the reported quarter stood at Rs 1,629 crore, up 38 per cent from Rs 1,177 crorpercentFY24. Sequentially, net profit grew 1 per cent from Rs 384 crore percent25, while revenue grew 8 per cent from Rs 1,510 percent the previous quarter. Agency expenses for the quarter stood at Rs 1,170 crore, up 47 per cent year-on-year (YoYpercents 797 crore.

Profit before tax (PBT) stood at Rs 460 crore as against Rs 380 crore a year ago but lower than Rs 476 crore in Q1 FY25. Cash increased to Rs 494 crore from Rs 360 crore in the same quarter last year.

IREDA share price today

On Friday, October 11, IREDA shares opened at Rs 238.10 per share and registered an intraday high of Rs 239.95. However, the PSU stock witnessed some pressure and closed at Rs 227.40 per share, down by Rs 6.29 (2.69%) from its previous close.

IREDA Share Price History

IREDA has given a return of 122.3 percent so far this year. It has given a return of 40 percent in the last six months. From the IPO price of Rs 32, the stock has gained a whopping 628.56 percent till now.