Fundamental & Technical View – (IREDA) Indian Renewable Energy Development Agency
By Usha Kale
October 5, 2024
Company Overview:
IRIDA (Indian Renewable Energy Development Agency Limited) is a Mini Ratna Category-I public sector enterprise under the Ministry of New and Renewable Energy (MNRE), Government of India.
- Founder: (IREDA) is a government-owned enterprise and is fully owned by the Government of India (GoI).
- Founded: 1987
- Market Cap: Large Cap with Mkt Cap Rs. 59576(Cr.)
- Website: www.ireda.com
- Sector: Power Generation/Distribution
Fundamental Analysis:
First quarter (2024) revenue increase was incredible in 2nd quarter the company can announce the dividend.
- Revenue growth: revenue has grown consistently, with a 5-year CAGR of 15%.
- Profitability: net profit has increased steadily, with a 5-year CAGR of 20%.
- Asset quality: gross non-performing assets (NPAs) have decreased to 2.55% in FY2022.
- Capital adequacy: IREDA’s capital adequacy ratio (CAR) stands at 22.43%, above the regulatory requirement.
- Price-to-Earnings (P/E) ratio: 15.67 (lower than industry average)
- Price-to-Book (P/B) ratio: 1.43 (lower than industry average)
- Dividend yield: 4.17% (attractive for income investors)
- Renewable energy capacity addition: India aims to add 30 GW of renewable energy capacity annually.
- Electric vehicle (EV) financing: IREDA has entered the EV financing space, providing growth opportunities.
- International expansion: IREDA plans to expand its operations internationally.
Technical View:
A positive trend is a bullish upward movement on the chart. Price accumulation is found on the chart. The buying price is @ 215-225, and the keep-stop loss is @ 200 on a closing basis. The first target will be @ 293 and the second target will be @ 361 this chart expects positive movement for the medium-term and long-term.
Disclaimer: Only for educational purposes no recommendation, before taking the entry please take advice of your financial advisor.
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