Indian Renewable Energy Dev Agency Ltd (NSE: IREDA) Share Price: Share rates of the Indian Renewable Energy Development Agency are down more than 3 percent on the day on Friday.
The company has released the results of its third quarter. According to the data provided by the company, the total net profit during the quarter ended December was Rs 425.50 crore.
What IREDA Shareholders Should Do Next?
Today, the share of the company was trading at about Rs 218.35 at BSE. The intra-day peak of the company is Rs 222.75.
However, once the price began to fall, it fell to 3.4 percent. This is why the shares of the company fell to Rs 208.50 at some point.
27 Percent Increase In Net Profit On An Annual Basis
It is reported that the Navratna company has announced that its net profit grew by 27 percent per year.
The year before, in the same quarter the net profit of the company was Rs 335.50 crore. The revenue of IREDA in the December quarter has risen from 35.60 percent to Rs 1698.45 crore.
In the previous year, the company’s revenue was Rs 1208.10 crore in the December quarter.
IREDA Target Price
Anshul Jain, Research Head, of Lakshmi Shree Investment and Securities, commented that the company’s financial strength illustrates the strategy of the company to pursue new opportunities from the solar market.
This is why there is consistency in profit and revenue. IREDA share prices increased in the early morning. This indicates an opportunity to buy for investors with a long-term view.
About betting on IREDA Expert Sumit Bagadia said that IREDA’s share is gaining solid support around Rs 200 on the chart of technical indicators.
If it can cross the mark of Rs 230 the share could climb upwards to Rs 260 in the long run.
Quick Fact
Company: Indian Renewable Energy Development Agency (IREDA)
| Company name | Indian Renewable Energy Development Agency (IREDA) |
|---|---|
| Net profit (Q3, December) | ₹425.50 crore |
| Previous year’s net profit (Q3) | ₹335.50 crore |
| Net profit growth (Yearly) | 27% |
| Revenue (Q3, December) | ₹1698.45 crore |
| Previous year’s revenue (Q3) | ₹1208.10 crore |
| Revenue growth (Yearly) | 35.60% |
| Possible target price (Long time) | ₹260 |
| Key support level (Share price) | ₹200 |
| Resistance level (Share price) | ₹230 |
| Expert view | Opportunity for long-time investors |
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