IREDA | Q2 Results, Net Profit Rises 54%

The Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the Ministry of New and Renewable Energy, has reported its audited financial results for the second quarter of the fiscal year 2023-24. The company has achieved a 54% increase in profits, with a Profit After Tax (PAT) of ₹285 crores for the quarter. This growth has been driven by the consistent expansion of the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.72% to 1.65% year-on-year.

Here are some key financial highlights for Q2, FY 2023-24 compared to Q2, FY 2022-23:

• Profit Before Tax: ₹379.90 crores (up by 37% from ₹276.31 crores)
• Profit After Tax: ₹284.73 crores (up by 54% from ₹184.30 crores)
• Total Income from Operations: ₹1,176.96 crores (up by 49% from ₹791.56 crores)
• Loan Book: ₹47,514.48 crores (up by 41% from ₹33,783.36 crores)
• Net worth: ₹6,580.61 crores (up by 17% from ₹5,638.31 crores)
• Net NPAs: 1.65% (reduced by 39% in percentage terms from 2.72%)
• Gross NPAs: 3.13% (reduced by 38% in percentage terms from 5.06%)

IREDA’s Board of Directors approved these Audited Financial Results, acknowledging the company’s outstanding performance and its ongoing growth trajectory. The Chairman & Managing Director of IREDA, Shri Pradip Kumar Das, attributed this growth to the trust and support of stakeholders, and he expressed gratitude towards key government figures, the Board of Directors, and Team IREDA for their contributions to these positive financial results. He emphasized IREDA’s commitment to accelerating the adoption of renewable energy solutions in India and contributing to the nation’s energy transition and environmental sustainability.