IREDA Achieves Record Net Profit of Rs. 1,252 Crore, Boasts Under 1% NPAs and Sets Speed Record for Financial Reporting

Indian Renewable Energy Development Agency Ltd. (IREDA), a leading non-banking financial company focused on green energy projects, announced a substantial financial growth for the fiscal year 2023-24. The audited financial results revealed a record Profit After Tax (PAT) of Rs. 1,252.23 crore, an increase of 44.83% compared to the previous year. This achievement is paired with a significant reduction in Net Non-Performing Assets (NPAs), which decreased from 1.66% in the fiscal year 2022-23 to 0.99% in 2023-24.

The company’s Loan Book expanded by 26.81%, reaching Rs. 59,698.11 crore as of March 31, 2024, up from Rs. 47,052.52 crore the previous year. Additionally, IREDA achieved its highest annual figures for loan sanctions and disbursements at Rs. 37,353.68 crore and Rs. 25,089.04 crore, respectively. These figures represent year-over-year increases of 14.63% and 15.94%.

IREDA’s net worth also saw a notable increase, climbing to Rs. 8,559.43 crore, up 44.22% from Rs. 5,935.17 crore at the end of the previous fiscal year. The company’s Profit Before Tax for the fiscal year stood at Rs. 1,685.24 crore, marking an increase of 47.93% over the prior year’s Rs. 1,139.25 crore.

Chairman and Managing Director Shri Pradip Kumar Das commended the company’s performance and attributed these successes to the robust support from stakeholders, the Ministry of New & Renewable Energy, and the dedication of Team IREDA. He also highlighted IREDA’s commitment to promoting renewable energy solutions in India, emphasizing the optimistic outlook for investors and stakeholders.

Remarkably, IREDA set a new standard in the banking and NBFC sectors by releasing its Annual Audited Financial Results within just 19 days of the fiscal year’s end, surpassing the SEBI-mandated 60-day deadline and improving on their previous year’s record of 25 days. This rapid disclosure reflects IREDA’s operational efficiency and transparency, reinforcing its leadership in the green financing sector.