IREDA Reports 30% Surge in Q1 Net Profit to Rs 383.69 Crore

Indian Renewable Energy Development Agency (IREDA) announced a significant 30% increase in its net profit to Rs 383.69 crore for the June quarter, supported by higher revenues. The company has also achieved rapid publication of audited results, reduced non-performing assets, and demonstrated consistent growth in loan sanctioning and disbursement.

Indian Renewable Energy Development Agency (IREDA) reported a 30% growth in its net profit to Rs 383.69 crore for the June quarter, primarily driven by higher revenues.

"IREDA has achieved a Profit After Tax of Rs 383.69 crore (in Q1), posting an impressive year-on-year growth of 30.25%," the company stated. The net profit for the same quarter last year was Rs 294.58 crore. IREDA, the largest pure-play green financing NBFC in India, set a new benchmark by publishing its audited financial results within just 12 days. This makes IREDA the first central public sector enterprise (CPSE) to declare and publish audited results in the banking and NBFC sectors so quickly, the statement added.

The company successfully reduced its net non-performing assets to 0.95% in the first quarter of FY 2024-25 from 1.61% in the corresponding quarter of the previous fiscal year. In a meeting held today in Bhubaneswar, IREDA's Board of Directors lauded the company's exceptional performance and ongoing growth, approving the audited financial results for the first quarter of FY 2024-25. IREDA's net worth as of June 30, 2024, has increased to Rs 9,110.19 crore from Rs 6,290.40 crore, representing a 44.83% growth.

IREDA Chairman and Managing Director Pradip Kumar Das commented, "IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders." Revenue from operations rose to Rs 1,501.71 crore in the reviewed quarter from Rs 1,143.50 crore in the same period last year. Loan sanctions increased to Rs 9,210.22 in the first quarter from Rs 1,892.45 crore a year ago, while loan disbursements rose to Rs 5,325.88 crore compared to Rs 3,173.27 crore last year. The loan book also grew to Rs 63,206.78 crore from Rs 47,206.66 crore in the same period last year.