Third quarter results and future strategy

Shares of Indian Renewable Energy Development Agency (IREDA) witnessed a fall of over 3 per cent today, Friday.

• The company announced its third quarter results, reporting a net profit of Rs 425.50 crore.
• After this decline, the question for investors is what strategy should be adopted next.

Performance of IREDA shares today

• Opening price (BSE): Rs 218.35.
• Intra-day high: Rs 222.75.
• Decline: The stock fell as much as 3.4 per cent to Rs 208.50.

Increase in profit and revenue on annual basis

IREDA posts strong performance in Q3:

1. 27% increase in net profit:
   • Net profit in December quarter: Rs 425.50 crore.
   • Same period last year: Rs 335.50 crore.
2. 35.60% increase in revenue:
   • December 2024 quarter: Rs 1698.45 crore.
   • December 2023 quarter: Rs 1208.10 crore.

Experts’ opinion on IREDA shares

Anshul Jain (Laxmishree Investments and Securities):

“IREDA’s strong performance shows that the company is making good use of the current opportunities in the solar and renewable energy sector.

• Consistency in revenues and profits makes it a good option for long-term investors.
• “Morning rally signals buying signal for investors.”

Sumit Bagadia (Technical Analyst):

• Strong support level of Rs 200:
  “IREDA shares have strong support at Rs 200.”
• Target Price:
  • If it crosses Rs 230 level, it can go up to Rs 260 in medium term.

Should IREDA shares be bought?

For long-term investors:

IREDA’s strong performance and the boom in the renewable energy sector make it an attractive option.

For Traders:

• The stock is showing strong support at Rs 200.
• After crossing the level of Rs 230, there is a possibility of reaching Rs 260 in the medium term.