Latest news with #Ireda
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Business Standard
3 days ago
- Business
- Business Standard
Ireda plans ₹2,500-3,000 crore QIP to dilute 3.76% govt stake this year
State-owned Ireda plans to raise ₹2,500-3,000 crore through qualified institutional placement route this fiscal as it looks to dilute another 3.76 per cent of the government holding in the company following a successful IPO in December 2023, a top company official said Monday. The company also said it had an exposure of ₹700 crore to the crisis-hit Gensol Engineering and it has already recovered a little over ₹100 crore by way of various instruments, including encashing their bank guarantees as well as withdrawal of the FD money. Gensol had acted as a financier and lessor of vehicles to the all-electric ride-hailing company Blue Smart. The Ahmedabad bench of the National Company Law Tribunal (NCLT) has already admitted to corporate insolvency proceedings against Gensol Engineering, following a petition by Ireda. In April this year, in an interim order, Sebi barred Gensol Engineering and promote₹-- Anmol Singh Jaggi and Puneet Singh Jaggi -- from the securities markets till further orde₹in a fund diversion and governance lapses case. We have already raised ₹2,005 crore last month through a QIP by way of government diluting 3.24 per cent stake. We are planning to raise another ₹2,500 -3000 crore in the second tranche within this fiscal, Ireda Chairman and Managing Director Pradip Kumar Das said during an interaction with the reporte₹here. This will give the company a further borrowing power worth ₹30,000 crore (this fiscal), as the thumb rule says you can borrow eight times of this money, he said, adding, We will try to optimize our equity and our borrowing so that we can optimize lending and overall minimise the borrowing cost. He said that the Government mandated the company's board to dilute up to 7 per cent this fiscal; it still has scope to dilute another 3.76 per cent stake. Das said last year Ireda borrowings were at around ₹24,000-25,000 crore. Ireda reported a 49 per cent year-on-year growth in operating profit and a 30 per cent rise in total income from operations in the first quarter of the current financial year. Ireda's outstanding loan book surged to ₹79,941 crore, a 26 per cent increase over the previous year, with significant contributions from solar, wind, and emerging technologies like green hydrogen, smart meters, and EVs, the company said.
Business Standard
11-07-2025
- Business
- Business Standard
Ireda share price slips 6% as Q1 profit plunges 36% YoY; details here
Ireda share price: Indian Renewable Energy Development Agency (Ireda) share price dropped as much as 6.24 per cent to hit an intraday low of ₹159.05 per share on Friday, July 11, 2025. At 11:05 AM, Ireda share price was trading 5.07 per cent lower at ₹161.05. In comparison, BSE Sensex was trading 0.78 per cent lower at 82,539.85 levels. Why did Ireda share price drop? Ireda shares declined today following a disappointing financial performance in the June quarter (Q1FY26). Ireda reported a 35.6 per cent year-on-year (Y-o-Y) drop in consolidated net profit, which fell to ₹246.88 crore in Q1FY26 from ₹383.70 crore in the same quarter last year (Q1FY25). Sequentially, net profit plunged over 50 per cent from ₹501.79 crore reported in the March quarter (Q4FY25), signalling a sharp slowdown in earnings momentum. While revenue from operations rose 29 per cent Y-o-Y to ₹1,947.60 crore, and grew 2.3 per cent sequentially, rising costs weighed heavily on profits. Financing costs surged to ₹1,218 crore, up from ₹975 crore in the year-ago period, impacting margins and investor sentiment. About Ireda The Indian Renewable Energy Development Agency (Ireda), established in 1987, is a public limited company under the administrative control of the Ministry of New and Renewable Energy (MNRE), Government of India. As a dedicated financial institution, Ireda plays a crucial role in promoting, developing, and extending financial support to renewable energy and energy efficiency/conservation projects across the country. The organisation operates with the motto 'Energy for Ever' and has emerged as a key driver in India's clean energy transition. Ireda holds the 'Navratna' status, granting it enhanced operational autonomy within the public sector. It is widely recognised as India's largest pure-play green financing Non-Banking Financial Company (NBFC), offering a wide range of services - from project conceptualisation and financing to post-commissioning support and assistance for equipment manufacturing and transmission.
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Business Standard
11-07-2025
- Business
- Business Standard
Q1 results: DMart among 14 to release earnings report on July 11; full list
Q1 FY26 company results, July 11: 14 companies will be releasing their performance reports for the April-June quarter today Vasudha Mukherjee New Delhi DMart retail chain operator, Avenue Supermarts, will be among 14 entities to declare their earnings report for the first quarter (Q1) of the financial year 2025-26 (FY26) on Friday. Other companies announcing their results include Aditya Birla Money, industrial gearmaker Elecon Engineering, drone manufacturer Droneacharya Aerial Innovations, and agri-biotech firm Nath Bio-Genes. TCS Q1 steady but muted results TCS, India's largest IT services provider, delivered a steady but muted performance in the first quarter of FY26. Net profit rose 6 per cent year-on-year (Y-o-Y) to ₹12,760 crore, surpassing Bloomberg's estimate of ₹12,253 crore. However, revenue missed expectations, growing just 1.3 per cent Y-o-Y in reported terms to ₹63,437 crore. In constant currency terms, revenue declined 3.1 per cent Y-o-Y, attributed to the lingering impact of weak discretionary tech spending. While management remains optimistic, it acknowledged that achieving high single-digit growth for FY26 will be challenging. Tata Elxsi Q1 highlights Tata Elxsi reported a 22 per cent Y-o-Y decline in consolidated net profit for Q1 FY26, down to ₹144.37 crore from ₹184.08 crore in Q1 FY25. The company cited macroeconomic uncertainties and sector-specific issues that weighed on R&D spending and decision-making cycles across markets. "The company has demonstrated resilience in protecting business in our largest vertical, executing on large deal wins across key verticals to create sustained revenue streams, and expanding our relationships with our customers," CEO and MD Manoj Raghavan said. Ireda sees drop in profit, surge in revenue Ireda's Q1 FY26 results showed a 35.6 per cent Y-o-Y fall in consolidated net profit to ₹246.88 crore, compared to ₹383.70 crore in the same quarter last year. Despite the profit decline, revenue from operations grew strongly, up 29 per cent Y-o-Y to ₹1,947.60 crore. CMD Pradip Kumar Das emphasised the agency's continued strategic growth, citing the expansion of its loan book and net worth as signs of robust operational performance. Market overview July 11 Indian equity benchmark indices closed lower on Thursday, July 10, as investor sentiment remained cautious ahead of clarity on US tariff policies and the start of the Q1 FY26 earnings season. The BSE Sensex declined by 345.8 points or 0.41 per cent to settle at 83,190.28, while the Nifty50 dropped 120.85 points or 0.47 per cent to close at 25,355.25. IT stocks remained under pressure throughout the session. Today, July 11, markets are expected to open on a weak note. As of 7:15 am, GIFT Nifty futures were down by 127 points or 0.5 per cent at 25,285, signalling a negative start. Global markets, in contrast, recorded all-time highs, led by strong gains in tech stocks. The Nasdaq closed at a record 20,630.66, up 19 points, while the S&P 500 settled at 6,280.46, rising 17 points or 0.27 per cent. Nvidia led the rally on Wall Street. On the final trading day of the week, domestic markets are likely to be influenced by a combination of factors, including India-US trade negotiations, US President Donald Trump's proposed 35 per cent tariff on Canadian imports, Q1 earnings from TCS, institutional investment flows, primary market activity, and mixed global cues. List of firms releasing Q1 FY26 results on July 11 Aagam Capital Ltd Amal Ltd Astonea Labs Ltd Aditya Birla Money Ltd Avenue Supermarts Ltd (DMart) Droneacharya Aerial Innovations Ltd Elecon Engineering Company Ltd Emerald Finance Ltd Jagsonpal Finance & Leasing Ltd Monotype India Ltd Nath Bio-Genes (India) Ltd Panyam Cements & Mineral Industries Ltd Superhouse Ltd Swarna Securities Ltd
Mint
10-07-2025
- Business
- Mint
Centre grants tax benefits to Ireda bonds
New Delhi: The finance ministry has notified bonds issued by Indian Renewable Energy Development Agency Ltd (Ireda) as 'long-term specified asset' under section 54EC of the Income-tax Act, 1961. The notification came into effect from 9 July, the ministry of new and renewable energy said on Thursday. Bonds redeemable after five years and issued by Ireda after the notification will qualify for tax exemption under section 54EC of the Income Tax Act, 1961, which allows capital gains tax exemption on investments in specified bonds. "Eligible investors can save tax on Long Term Capital Gain (LTCG) up to ₹ 50 lakh by investing in these Bonds in a Financial Year. Ireda will get benefit in terms of lower cost of funds, which is a significant development for the renewable energy sector, in turn to support the expeditious development of RE sector," the MNRE statement said. It added that the proceeds from these bonds will be utilized exclusively for renewable energy projects capable of servicing debt through their project revenues, without dependence on state governments for debt servicing. Pradip Kumar Das, chairman and managing director, Ireda, said: 'This recognition by the government reinforces Ireda's pivotal role in accelerating renewable energy financing in the country. The tax-exempt status for our bonds will offer an attractive investment avenue while ensuring increased capital availability for green energy projects, contributing to India's 500 GW non-fossil fuel capacity target by 2030.' The ministry, in its statement said that the move is expected to attract wider participation from investors seeking tax-saving instruments and strengthen the renewable energy financing ecosystem in the country. The bonds of state-run Power Finance Corporation (PFC) and REC have already been granted the exemption, which is expected to boost investments in the renewable energy space. In April this year, the Central Board of Direct Taxes, under the finance ministry also notified the bonds of Housing and Urban Development Corporation (Hudco) as long-term assets under Section 54EC of the Income Tax Act. This relaxation is expected to boost financing in the green energy space as the government aims to achieve 500 GW of non-fossil installed power generation capacity by 2030. In April Ireda CMD Pradip Kumar Das had said at an event that India would require investments of about ₹ 30-32 trillion for energy transition by 2030. For the fourth quarter of FY25, the state-run company recorded a 49% rise in standalone net profit to ₹ 502 crore as against ₹ 337 crore in the same period last year. On Thursday, the company announced in Q1FY26 results. Its net profit for the April-June quarter declined 35.1% to ₹ 246.68 crore in the compared to ₹ 383.7 crore in the same quarter of the previous year. Its shares on the BSE closed at ₹ 169.65, higher by 2.26% from its previous close.
Time of India
10-07-2025
- Business
- Time of India
Ireda bonds get tax exemption: Centre grants Section 54EC status to support green energy; move to ease capital gains burden on investors
In a move aimed at boosting low-cost fundraising for the renewable energy sector, the central government has accorded tax-saving status to bonds issued by the Indian Renewable Energy Development Agency (Ireda) under Section 54EC of the Income Tax Act. Tired of too many ads? go ad free now The Central Board of Direct Taxes (CBDT) has notified Ireda bonds as 'long-term specified assets', allowing investors to claim capital gains tax exemptions by investing in them. The notification, issued under the Ministry of Finance, came into effect from July 9, 2025, according to a statement released by the Ministry of New and Renewable Energy (MNRE) on Thursday, reported ANI. As per the notification, bonds issued by Ireda on or after the effective date, and redeemable after five years, will qualify for the exemption under Section 54EC. The provision allows investors to save tax on Long Term Capital Gains (LTCG) up to Rs 50 lakh in a financial year, provided the gains are reinvested in these specified bonds. 'The proceeds from these bonds will be utilised exclusively for renewable energy projects capable of servicing debt through their project revenues, without dependence on State Governments for debt servicing,' the MNRE said. Welcoming the announcement, Pradip Kumar Das, Chairman and Managing Director of Ireda, said, 'We are deeply grateful to the Ministry of Finance, Ministry of New & Renewable Energy and Central Board of Direct Taxes for this valuable policy initiative.' He added, 'This recognition by the Government reinforces Ireda's pivotal role in accelerating renewable energy financing in the country. The tax-exempt status for our bonds will offer an attractive investment avenue while ensuring increased capital availability for green energy projects, contributing to India's 500 GW non-fossil fuel capacity target by 2030.' The tax benefit is expected to attract wider investor participation and further strengthen India's renewable energy financing ecosystem. Tired of too many ads? go ad free now India had pledged ambitious targets at COP26 in 2021, including achieving 500 GW of non-fossil fuel capacity, meeting half of its energy requirements from renewables, reducing emissions by one billion tonnes by 2030, and reaching net-zero emissions by 2070.
