IREDA reports highest-ever net profit of Rs 865 crores in FY 2022-23

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has reported an all-time high annual profit after tax (PAT) of Rs 865 crores and profit before tax (PBT) of Rs 1,139 crores in the financial year 2022-23. The figures represent a significant growth of 36 percent and 37 percent respectively over the previous financial year (FY 2021-22).

Further, IREDA's Net Non-Performing Assets (NPAs) have also been reduced to 1.66 percent in FY 2022-23 from 3.12 percent in FY 2021-22, a significant reduction of 47 percent (in percentage terms) on Year-on-Year basis.

The Board of Directors of IREDA approved the Audited Financial Results for Financial Year 2022-23 in a meeting held today while lauding the company’s outstanding performance and continued growth.

The loan book of IREDA has grown from Rs 33,931 crores as on March 31, 2022 to Rs 47,076 crores as on March 31, 2023 (registering a growth of 39 percent). The company has achieved all-time high annual Loan Sanctions of Rs 32,587 crores and disbursements of Rs 21,639 crores in Financial Year 2022-23, registering an increase of 36 percent and 35 percent respectively, over previous financial year loan sanctions of Rs 23,921 crore and disbursements of Rs 16,071 crores. This marks the highest annual loan disbursement and sanction in the company's history.

The net-worth of the company as on March 31, 2023 has reached to Rs 5,935 crores as against Rs 5,268 crores, year ending March 31, 2022 (increased by 13 percent).

IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das attributed the growth of the company to the trust and support of stakeholders. He expressed his gratitude towards Union Minister of Power, New and Renewable Energy RK Singh; Minister of State, New and Renewable Energy Bhagawanth Khuba; MNRE's Secretary Secretary BS Bhalla Board of Directors for their constant support and guidance, which has been instrumental in achieving the historical performance of IREDA.

Das reaffirmed that IREDA stands fully committed towards achieving the Prime Minister’s ‘Panchamrita’ targets and to be an integral part in achieving the 500 GW of non-fossil fuel-based installed capacity by 2030.

He lauded the dedicated team of employees of IREDA for their commitment and relentless efforts that made the historical financial results possible. The organization's continued focus on innovation, sustainability, and effective risk management is expected to drive its growth and success in the years to come.

IREDA is the 1st PSU, made history by publishing its Annual Audited Financial Results in just 25 days, despite SEBI's 60-day deadline. In the previous year, IREDA had published its Annual Audited Financial Results in 30 days.

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