Indian Renewable Energy Development Agency (IREDA), a government enterprise under the Ministry of New and Renewable Energy, announced its financial results for the second quarter of the fiscal year 2023-24 on October 23, 2023. The company recorded significant financial growth, with a 54% increase in profits, reporting a Profit After Tax (PAT) of ₹ 285 crores for the quarter. This remarkable performance can be attributed to the consistent expansion of the Loan Book and a notable reduction in Net Non-Performing Assets (NPAs) from 2.72% to 1.65% year-on-year.
The key financial highlights for Q2, FY 2023-24 compared to the same period in the previous fiscal year (Q2, FY 2022-23) are as follows:
- Profit Before Tax: ₹ 379.90 crores, up by 37% from ₹ 276.31 crores.
- Profit After Tax: ₹ 284.73 crores, up by 54% from ₹ 184.30 crores.
- Total Income from Operations: ₹ 1,176.96 crores, up by 49% from ₹ 791.56 crores.
- Loan Book: ₹ 47,514.48 crores, up by 41% from ₹ 33,783.36 crores.
- Net worth: ₹ 6,580.61 crores, up by 17% from ₹ 5,638.31 crores.
- Net NPAs: Reduced from 2.72% to 1.65% (39% reduction).
- Gross NPAs: Reduced from 5.06% to 3.13% (38% reduction).
IREDA’s Board of Directors approved these Audited Financial Results during a meeting at the company’s registered office, commending the outstanding performance and growth trajectory.
IREDA’s Chairman & Managing Director, Shri Pradip Kumar Das, expressed his contentment with the results and emphasized the company’s commitment to advancing renewable energy solutions in India. He credited these positive financial outcomes to the unwavering support of stakeholders, including Union Minister for Power and New & Renewable Energy Shri R. K. Singh, Union Minister of State for New & Renewable Energy Shri Bhagawanth Khuba, and the Board of Directors. CMD Das also acknowledged the dedication and efforts of Team IREDA in achieving this remarkable financial performance.