IREDA posts 54% increase in net profit in Q2 of FY'24

IREDA reported a 54 percent increase in net profit of 285 crores in the second quarter (Q2) of the current financial year (FY'24)
IREDA posts 54% increase in net profit in Q2 of FY'24
IREDA posts 54% increase in net profit in Q2 of FY'24PSU Watch

New Delhi: Indian Renewable Energy Development Agency (IREDA), a PSU under the Ministry of New and Renewable Energy (MNRE), announced its audited financial results for the second quarter (Q2) of the fiscal year 2023-24 on Monday. The company reported a 54 percent increase in profits, reaching a profit after tax (PAT) of Rs 285 crores for the quarter. This has been driven by consistent growth in the loan book and a significant reduction in net non-performing assets (NPAs) from 2.72 percent to 1.65 percent year-on-year.

IREDA posts 54% increase in net profit in Q2 of FY'24
IREDA becomes a ‘Schedule A’ CPSE, eyes ‘Navratna’ status next

Key financial highlights for Q2, FY 2023-24 compared to Q2, FY 2022-23 are as follows:

  • Profit Before Tax: Rs 379.90 crores as against Rs 276.31 crores (up by 37%)

  • Profit After Tax: Rs 284.73 crores as against Rs 184.30 crores (up by 54%)

  • Total Income from Operations: Rs 1,176.96 crores as against Rs 791.56 crores (up by 49%)

  • Loan Book: Rs 47,514.48 crores as against Rs 33,783.36 crores (up by 41%)

  • Net worth: Rs 6,580.61 crores as against Rs 5,638.31 crores (up by 17%)

  • Net NPAs: 1.65% as against 2.72% (reduction by 39% in percentage terms)

  • Gross NPAs: 3.13% as against 5.06% (reduction by 38% in percentage terms)

The audited financial Results for Q2 of FY'24 were approved by the Board of Directors at a meeting at IREDA’s registered office on Monday. The board applauded the company's outstanding performance and its continued growth trajectory.

Expressing happiness at the results, IREDA’s Chairman & Managing Director (CMD) Pradip Kumar Das said, "IREDA remains committed to its commitment of accelerating the adoption of renewable energy solutions in the country. These positive financial results are a testament to IREDA's steady dedication to facilitating the growth of the renewable energy sector in India, which contributes to the nation's energy transition and environmental sustainability."

IREDA CMD attributed the growth of the company to the trust and support of stakeholders. He expressed his gratitude towards Union Minister for Power and New & Renewable Energy RK Singh; Union Minister of State for New & Renewable Energy Bhagawanth Khuba; Secretary, New & Renewable Energy and to the board of directors for their constant support and guidance, which he says has been instrumental in achieving the performance of IREDA. He applauded team IREDA for their commitment and relentless efforts that have led to these financial results. 

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