Q3 Results: IREDA posts 67% growth in net profit, earnings per share up by 57%

New Delhi: Indian Renewable Energy Development Agency (IREDA) Limited on Saturday announced its audited financial results for the third quarter of the fiscal year 2023-24. The company reported a remarkable 67 percent increase, reaching a profit after tax (PAT) of Rs 335.54 crores for the quarter. This outstanding performance is attributed to consistent growth in the Loan Book and a significant reduction in net Non-Performing Assets (NPAs) from 2.03 percent to 1.52 percent year-on-year.

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During a meeting at Kevadia, Gujarat on Saturday, the Board of Directors approved the Audited Financial Results for the third quarter of the fiscal year 2023-24, applauding the company's outstanding performance and its continued growth trajectory.

The company has reported a significant improvement in financial performance, with a net profit of Rs 335.54 crores, marking a 67.15 percent increase from the previous period. The revenue from operations also saw a notable rise, reaching Rs 1,253.20 crores, up by 44.21 percent. The Loan Book expanded to Rs 50,579.67 crores, indicating a growth of 33.50 percent. The company's Net-worth increased to Rs 8,134.56 crores, reflecting a 45.49 percent rise. Additionally, there was a reduction in Net NPAs to 1.52 percent and Gross NPAs to 2.90 percent, showing improvements of 25 percent and 31.70 percent, respectively. Earnings Per Share surged to Rs 1.38, up by 57.33 percent.

IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das expressed his happiness at the exceptional financial results following the company's listing. He said, "IREDA is unwavering in its commitment to expedite the adoption of renewable energy solutions in the country. For investors and stakeholders, these results signal the promising trajectory of IREDA's contributions to India's energy transition and environmental sustainability. These encouraging financial outcomes underscore IREDA's steadfast dedication to fostering the expansion of the renewable energy sector in India.

IREDA CMD attributed the company's growth to the trust and support of the stakeholders. He conveyed gratitude to Union Minister of Power, New & Renewable Energy RK Singh; Minister of State, New & Renewable Energy and Chemicals & Fertilizers Bhagawanth Khuba; MNRE Bhupinder Singh Bhalla and Board of Directors for their unwavering support and guidance, crucial in achieving IREDA's historic performance. Commending Team IREDA for their dedication and persistent efforts, he acknowledged their contribution to the outstanding financial results.

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