Q1 FY'24: IREDA posts all-time high quarterly profit of Rs 295 crores

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has achieved a remarkable milestone with an all-time high quarterly profit after tax (net profit) of Rs 295 crores and profit before tax (PBT) of Rs 440 crores in the 1st Quarter (Q1) of the fiscal year 2023-24. This achievement marks a notable growth of 30 percent and 29 percent respectively, compared to the corresponding period of the previous financial year 2022-23.

IREDA has also demonstrated a significant reduction in net non-performing assets (NPAs), bringing them down to 1.61 percent in Q1, FY 2023-24 from 2.92 percent in Q1, FY 2022-23, representing a remarkable 45 percent reduction (in percentage terms) on a year-on-year basis.

The Board of Directors of IREDA, in a meeting held on Saturday, approved the audited financial results for Q1 of 2023-24, commending the company's exceptional performance and consistent growth trajectory.

Over the previous year, IREDA's Loan Book has expanded from Rs 32,679 crores as of June 30, 2022, to Rs 47,207 crores as of June 30, 2023, showcasing a robust growth of 44 percent. During Q1, the company achieved loan disbursement of Rs 3,173 crores and a total income from Operations of Rs 1,143 crores, demonstrating a substantial increase of 272 percent and 45 percent respectively, compared to the corresponding quarter of the previous year, wherein loan disbursement was Rs 852 crores and total income from operations was Rs 786 crores.

IREDA's Q1 FY'24 financial highlights against Q1 FY'23

During the period the loan disbursement of the company has gone up by 272 percent to Rs 3,173 crores as against 852 crores compared to the same period in FY 2022-23. Net worth of the company gone up by 14 percent to Rs 6,290 crores as against Rs 5,514 crores in Q1 of FY 2022-23.

Total income of IREDA from operations has gone up by 45 percent to Rs 1,143 crore, against Rs 786 crores recorded in the same period of FY 2022-23.

The company's net profit increased by 30 percent to Rs 295 crores as against Rs 226 crores in Q1of FY'23. While, profit before tax (PBT) increased by 29 percent to Rs 440 crores as against Rs 340 crores compared to the same period in FY 2022-23.

During the period, the net non-performing assets (NPAs) of IREDA have been reduced to 1.61 percent against 2.92 percent during the same period of previous financial year. This marks a significant reduction of 45 percent (in percentage terms). The gross NPAs have also been reduced to 3.08 percent as against 5.33 percent, making a reduction of 42 percent (in percentage terms).

IREDA's Chairman & Managing Director (CMD) PK 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; MoS Bhagawanth Khuba, MNRE Secretary and Board of Directors for their constant support and guidance, which has been instrumental in achieving the historical performance of IREDA. He commends the dedicated team IREDA for their unwavering commitment and relentless efforts that have led to these historic financial results.

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