On Friday, the Indian Renewable Energy Development Agency (Ireda) reported a net profit growth of over 30 percent, reaching Rs 383.69 crore for the June quarter, primarily due to higher revenues.
In a company statement, Ireda noted a Profit After Tax of Rs 383.69 crore in Q1, reflecting a year-on-year increase of 30.25 percent. This compares to a net profit of Rs 294.58 crore for the quarter ending June 30, 2023.
As India’s largest pure-play green financing NBFC, Ireda set a new industry benchmark by publishing its audited financial results within 12 days, making it the first central public sector enterprise (CPSE) to achieve such prompt publication in the banking and NBFC sectors. The company also successfully reduced its net non-performing assets to 0.95 percent in Q1 FY 2024-25 from 1.61 percent in the same quarter of FY 2023-24.
In a meeting held in Bhubaneswar, Ireda’s Board of Directors praised the company’s exceptional performance and sustained growth, approving the audited financial results for Q1 FY 2024-25. The company’s net worth as of June 30, 2024, was Rs 9,110.19 crore, up from Rs 6,290.40 crore, marking a 44.83 percent year-on-year growth.
Ireda Chairman and Managing Director Pradip Kumar Das stated, “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 increased to Rs 1,501.71 crore in the reviewed quarter from Rs 1,143.50 crore in the same period the previous year. Loan sanctions rose to Rs 9,210.22 crore in the first quarter of the fiscal, up from Rs 1,892.45 crore a year ago. Loan disbursements also increased to Rs 5,325.88 crore from Rs 3,173.27 crore. The loan book expanded to Rs 63,206.78 crore from Rs 47,206.66 crore in the previous year.
