IREDA Net Profit Up 49%, Wipro ₹3,570 Crore, ICICI Prudential ₹385 Crore, ICICI Lombard ₹510 Crore, Waaree Renewable ₹93.8 Crore in Q4
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Indian Renewable Energy Development Agency Ltd (IREDA), a government-owned financial institution focused on green energy financing, reported a 49% year-on-year increase in net profit for the fourth quarter of fiscal 2024-25, reaching ₹502 crore compared to ₹337 crore in the same period last year. Revenue from operations rose 37% to ₹1,904 crore. For the full fiscal year, IREDA posted its highest-ever net profit at ₹1,699 crore, up 36% from the previous year, with annual operating revenue rising 36% to ₹6,742 crore. The company's market capitalization stood at ₹47,439.05 crore, with a 52-week high of ₹310 and a low of ₹137.
IREDA's financial performance was accompanied by improved asset quality, with net non-performing assets (NPAs) reduced to 0.99% and gross NPAs at 2.45% for the quarter. The company's net worth increased by 20% year-on-year to ₹10,266 crore, and its loan book grew by the same proportion to ₹76,282 crore. Following the results, IREDA shares surged as much as 7.4% intraday, reaching ₹179.5 per share on the BSE.
Wipro Ltd, one of India's leading IT services firms, reported a 25.9% year-on-year rise in consolidated net profit for the fourth quarter, reaching ₹3,569.6 crore, with revenue from operations up 1.3% to ₹22,504.2 crore. On a sequential basis, net profit increased 6.4%. For the full year, Wipro's net profit rose 18.9% to ₹13,140 crore, while gross revenue grew 0.7% to ₹89,090 crore. The company’s operating margin for the quarter stood at 17.5%, up 1.1 percentage points year-on-year. Wipro's attrition rate was 15% for the quarter, and its headcount reached 233,346, with 614 employees added in Q4.
Wipro's IT services segment revenue stood at $2,596.5 million for the quarter, reflecting a 1.2% decline quarter-on-quarter and a 2.3% decline year-on-year in constant currency terms. The company expects revenue from its IT services business to contract by 1.5% to 3.5% sequentially in the first quarter of fiscal 2025-26. Total bookings during the quarter were $3,955 million, up 13.4% sequentially, with large deal bookings at $1,763 million, up 48.5% year-on-year. For the full year, total bookings were $14.3 billion and large deal bookings reached $5.4 billion. Wipro's net operating cash flow for FY25 was nearly $2 billion. The company declared an interim dividend of ₹6 per share for FY25.
ICICI Prudential Life Insurance reported a 122% year-on-year jump in net profit for the fourth quarter to ₹385 crore. The annual premium equivalent (APE) for the quarter dropped 3.1% to ₹3,502 crore, while the value of new business (VNB) grew 2.4% to ₹795 crore, and the VNB margin expanded to 22.7%. For the full year, net profit rose 39.5% to ₹1,189 crore, APE grew 15% to ₹10,407 crore, and VNB increased 6.4% to ₹2,370 crore, though the VNB margin declined to 22.8%. The company declared a final dividend. ICICI Prudential Life shares rose 6% following the results.
ICICI Lombard General Insurance posted a 1.9% year-on-year decline in net profit for the fourth quarter at ₹509.6 crore, while gross premium written increased 10.2% to ₹6,903.9 crore. Net premium written rose 15% to ₹5,481 crore. Operating profit fell 25.9% to ₹415.9 crore, and the company reported an underwriting loss of ₹209.7 crore. ICICI Lombard shares fell 4% after the results.
Waaree Renewable, a recently listed energy company, reported an 83% year-on-year jump in net profit for the fourth quarter to ₹93.8 crore and a 74% rise in revenue to ₹476.6 crore. EBITDA for the quarter increased to ₹126.4 crore. The company's market capitalization stood at ₹10,673.81 crore, and its shares surged over 12% following the results.
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