IREDA net profit grows by 36% to Rs 387.75 crore in Q2 FY'25

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) announced its financial results for the second quarter (Q2) of fiscal year 2024-25. The Board of Directors of IREDA, during a meeting held on Thursday, acknowledged the company’s outstanding performance and approved the financial results for Q2 FY 2024-25.

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For the quarter ended September 30, IREDA reported a profit after tax (PAT) of Rs 387.75 crore, reflecting an impressive year-on-year growth of 36.18 percent. IREDA’s net worth as of September 30, stood at Rs 9,336.15 crore, a year-on-year growth of 41.87 percent, showcasing the company's consistent upward trajectory.

The company has also reduced its net non-performing assets to 1.04 percent from 1.65 percent in the corresponding quarter of the previous financial year.

Key financial highlights

The company’s net profit reached to Rs 387.75 crore, marking a 36.18 percent year-on-year growth from Rs 284.73 crore in the same quarter last year. Revenue from operations grew by 38.52 percent, amounting to Rs 1,630.38 crore.

The company also recorded a significant 205.88 percent surge in loan sanctions, which stood at Rs 8,723.78 crore, compared to Rs 2,852.05 crore in Q2 FY24. Loan disbursements increased by 43.93 percent to Rs 4,461.87 crore, while the overall loan book expanded by 35.88 percent, reaching Rs 64,564.36 crore.

Furthermore, IREDA successfully reduced its net non-performing assets (NPAs) to 1.04 percent, down from 1.65 percent in the previous year, reflecting a 36.79 percent improvement in NPA management.

Commenting on company's robust financial performance, IREDA CMD Pradip Kumar Das said, “IREDA’s Q2 results reflect our unwavering dedication to advancing India’s renewable energy goals. Our substantial growth in loan sanctions and disbursements underscores our commitment to supporting green projects across the nation."

"I extend my gratitude to Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Secretary, MNRE and the Board of Directors for their continued support. I would also like to commend Team IREDA for their relentless efforts and dedication, which have been instrumental in achieving these remarkable results," he added.

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