IREDA Q2 Results: Asset quality improves and stock rises following a 41% profit growth

Shares of state-run Indian Renewable Energy Development Agency Ltd. (IREDA) recovered from the lows of the day to gain as much as 2.3% on Tuesday, October 14, in response to its September quarter results. The company's Net Interest Income (NII) or core income for the quarter increased by 49.5% on a year-on-year basis to $817 crore from ₹547 crore last year. Net profit for the period also increased by 41.5% from the same quarter last year to ₹549 crore. Asset quality improved on a sequential basis for the company. Gross Non-Performing Assets improved to 3.97% from 4.13% in the June quarter, while Net Non-Performing Assets improved to 1.97% from 2.06% in the previous quarter.