IREDA reports robust financial growth in Q1 of FY'25

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has announced its audited financial results for the first quarter (Q1) of fiscal year 2024-25. Setting a new benchmark in the industry, IREDA has become the first Central Public Sector Enterprise (CPSE) to declare its results within just 12 days, leading the way in the banking and NBFC sectors for rapid financial disclosures.

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In Q1 of FY'25, IREDA reported a significant increase in net profit, reaching Rs 383.69 crore, a 30.25 percent year-on-year growth. The company's efforts to improve financial health are evident as it successfully reduced Net Non-Performing Assets to 0.95 percent, down from 1.61 percent in the corresponding quarter of the previous fiscal year.

The Board of Directors, during a meeting in Bhubaneswar, praised the company's strong performance and approved the audited financial results for Q1 FY'25. As of June 30, IREDA's net worth stood at Rs 9,110.19 crore, reflecting a substantial 44.83 percent year-on-year increase from Rs 6,290.40 crore.

The company's net profit rose to Rs 383.69 crore, marking a 30.25 percent increase from Rs 294.58 crore in Q1 of FY'24. Revenue from Operations saw a 32.11 percent rise, reaching Rs 1,510.71 crore compared to Rs 1,143.50 crore in the same period last year. Loan Sanctions surged dramatically to Rs 9,210.22 crore, up by 386.68 percent from Rs 1,892.45 crore in Q1 FY'24.

Similarly, Loan Disbursements grew by 67.84 percent, amounting to Rs 5,325.88 crore against Rs 3,173.27 crore in the previous year's first quarter. The company's Loan Book expanded to Rs 63,206.78 crore, a 33.89 percent increase from Rs 47,206.66 crore in Q1 FY'24. Additionally, IREDA's net worth climbed to Rs 9,110.19 crore, representing a 44.83 percent growth from Rs 6,290.40 crore. Notably, the company achieved a reduction in Net NPAs to 0.95 percent, down from 1.61 percent, marking a 41.01percent decrease in percentage terms.

IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das expressed his satisfaction with the company's impressive financial results, attributing the success to the unwavering trust and support of stakeholders. He emphasized IREDA's dedication to advancing renewable energy adoption in India, highlighting a promising future for investors and stakeholders alike.

CMD Das extended his gratitude to Pralhad Joshi, Union Minister of New & Renewable Energy, Shripad Naik, Minister of State for Power and New & Renewable Energy; the Secretary of MNRE; and the Board of Directors for their invaluable support and guidance. He also acknowledged the relentless efforts and dedication of Team IREDA, which have been instrumental in achieving these outstanding financial results.

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