Indian Renewable Energy Development Agency ( IREDA ) Ltd, a public sector undertaking, announced its Q4 results for 2024, displaying remarkable performance both sequentially and annually. The company reported a net profit of ₹337.37 crore in Q4FY24, marking a significant year-on-year growth of 33% compared to Q4FY23. As India’s largest pure-play green financing NBFC, IREDA achieved a PAT of ₹1252.23 crore, demonstrating a robust YoY growth of 44.83%.
Moreover, IREDA managed to reduce its Non-Performing Assets (NPAs) to 0.99% in FY 2023-24 from 1.66% in FY 2022-23, showcasing a substantial reduction of 40.52% year-on-year.
Key Highlights:
- Profit Before Tax (PBT): The company reported a PBT of ₹479.67 crore in Q4FY24, reflecting a remarkable 66.33% increase compared to Q4FY23.
- Net Profit (PAT): IREDA recorded a net profit of ₹337.38 crore in Q4FY24, marking a record YoY rise of over 33% compared to Q4FY23.
- Loan Sanctions: In Q4FY24, IREDA sanctioned loans amounting to ₹23,407.57 crore, registering an impressive YoY growth of 98.42% against Q4FY23.
- Loan Disbursements: The company disbursed loans totaling ₹12,869.35 crore in Q4FY24, a notable increase of 13.98% compared to the corresponding period in the previous fiscal year.
- Net Worth: IREDA’s net worth surged to ₹8,559.43 crore as of March 31, 2024, compared to ₹5,935.17 crore in the same quarter of the previous financial year, marking a growth of 44.22%.
Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed satisfaction with the outstanding financial results and attributed the company’s growth to the trust and support of stakeholders, as well as the invaluable support from the Ministry of New & Renewable Energy and Board of Directors.
He commended Team IREDA for their dedication and efforts, emphasizing the company’s commitment to accelerating the adoption of renewable energy solutions in India.
IREDA’s share price closed at ₹160.95 apiece on the National Stock Exchange (NSE) on Friday.
