Shares of the PSU company IREDA plunged in a weak market after it posted subdued earnings across all parameters. As of the last count, after slumping to the day’s low of 159.05, the stock traded weak by as much as 5 per cent at Rs 160.5 per share.

The Navratna company’s performance languished amid a rise in non-performing assets or bad loans.  Consolidated profit at the company under the Ministry of  New and Renewable Energy (MNRE) declined  to Rs 246.88 crore. 

The net interest income ( a differential between the interest income realised and interest income spent), however, increased 36 per cent during the review period to 690 crore. Asset quality at the company  got impacted sequentially with GNPA increasing to 4.13 per cent from 2.45 per cent in the March quarter.

Meanwhile, the NNPA also increased to 2.06 per cent as against 1.35 per cent of the total loans as in the preceding quarter.

Deterioration in asset quality a biggest drag

The company’s drag came after the company recognised its financing to Gensol Engineering as non-performing assets.