IREDA Faces Profit Decline Amid Rising Expenses but Revenue and Loan Figures Rise

The Indian Renewable Energy Development Agency (IREDA) reported a 36% decline in its net profit for the June quarter, attributed to higher expenses. Despite this, the company's revenue and loan activities showed growth, demonstrating its dedication to supporting India's renewable energy initiatives, as emphasized by chairman Pradip Kumar Das.

The state-owned Indian Renewable Energy Development Agency (IREDA) witnessed a significant 36% drop in net profit, reaching Rs 247 crore in the June quarter, largely due to elevated expenses.

According to a BSE filing, the company's profit in the previous year was Rs 384 crore. Revenue from operations rose to Rs 1,947 crore against the previous Rs 1,510 crore, though expenses inflated to Rs 1,655 crore from Rs 1,034.96 crore.

Meanwhile, net worth appreciated to Rs 12,042 crore, with loan book expansion to Rs 79,941 crore. Increases were recorded in loan sanctions at Rs 11,740 crore and disbursements at Rs 6,980 crore. Chairman Pradip Kumar Das stressed IREDA's commitment to India's renewable energy mission.

(With inputs from agencies.)