Indian Renewable Energy Development Agency (IREDA), a PSU under the Ministry of New & Renewable Energy (MNRE) announced audited financial results for Half-year-1 and Quarter-2FY2021-22 ending 30th September 2021 a government release said.
The company has posted Total Income from Operations of Rs. 684.80 crore and Profit After Tax (PAT) of Rs. 110.27 crore for Q2 FY22. The company has reported all-time high half-yearly PAT of Rs. 299.90 crore, it added.
The Board of Directors of IREDA approved the Audited Financial Results for H1 & Q2 FY 2021-22 ending 30th September 2021in a meeting held today while lauding the company’s performance and growth.
Highlights of Half Yearly results ended on 30th September 2021 as compared to corresponding period during FY 2020-21 as follows:
Profit After Taxgrown to Rs. 299.90 crore against Rs. 206.63 crore. (All-time high)
Total Income from Operations increased to Rs. 1386.97 crore against Rs. 1284.94 crore. (Up by 8%)
IREDA’s non-performing assets reduced by 16 % while its net worth grew by 22 %.
The company’s loan sanctions rose by 405 % and the loan disbursement increased by 76 %.
Earlier in the year, speaking on future-plans of the company and RE sector for next five years, company has highlighted that IREDA expects five times growth in its loan book from Rs 28,000 crores (approx.) to Rs 1,35,000 crores (approx.) by FY 2026, with financing to the entire value chain in RE sector.
The company is targeting to achieve its market share more than 40% of RE sector debt funding by NBFCs by FY 2026. Currently, IREDA has market share of financing to the tune of 19% (approx.) of total installed RE capacity in the country.