IREDA achieves record-breaking quarterly profit of INR 295 Crore; Net NPAs reduced to 1.61%
Indian Renewable Energy Development Agency Ltd. (IREDA), a distinguished Mini Ratna (Category – I) enterprise under the Ministry of New and Renewable Energy, Government of India, has reached a remarkable milestone by reporting an all-time high Quarterly Profit After Tax (PAT) of INR 295 crores, along with a Profit Before Tax (PBT) of INR 440 crores in the first quarter of the fiscal year 2023-24. This achievement marks an impressive growth of 30% and 29% respectively, compared to the corresponding period in the previous fiscal year 2022-23. Furthermore, IREDA has significantly reduced its Net Non-Performing Assets (NPAs) to 1.61% in Q1, FY 2023-24, down from 2.92% in Q1, FY 2022-23, representing a substantial 45% reduction on a year-on-year basis.
The Board of Directors of IREDA, in a meeting held on August 12, 2023, commended the company’s exceptional performance and consistent growth trajectory, approving the Audited Financial Results for the first quarter of the Financial Year 2023-24.
Over the past year, IREDA’s Loan Book has expanded from INR 32,679 crores as of June 30, 2022, to INR 47,207 crores as of June 30, 2023, showcasing robust growth of 44%. During the first quarter, the company achieved Loan Disbursement of INR 3,173 crores and a Total Income from Operations of INR 1,143 crores, demonstrating a substantial increase of 272% and 45% respectively, compared to the corresponding quarter of the previous year when Loan Disbursement was INR 852 crores, and Total Income from Operations was INR 786 crores.
Notable financial highlights for the first quarter of FY 2023-24, compared to the same period in FY 2022-23, include:
– Total Income from Operations: INR 1,143 crores, up by 45% from INR 786 crores.
– Profit Before Tax: INR 440 crores, up by 29% from INR 340 crores.
– Profit After Tax: INR 295 crores, up by 30% from INR 226 crores.
– Loan Disbursement: INR 3,173 crores, up by 272% from INR 852 crores.
– Loan Book: INR 47,207 crores, up by 44% from INR 32,679 crores.
– Net-worth: INR 6,290 crores, up by 14% from INR 5,514 crores.
– Net NPAs: 1.61%, down from 2.92%, representing a 45% reduction in percentage terms.
– Gross NPAs: 3.08%, down from 5.33%, representing a 42% reduction in percentage terms.
Pradip Kumar Das, Chairman & Managing Director of IREDA, attributes the company’s growth to the trust and support of stakeholders. He expressed gratitude towards Union Minister for Power and New and Renewable Energy R. K. Singh, Union Minister of State, New and Renewable Energy Bhagawanth Khuba, Secretary, MNRE, and the Board of Directors for their constant support and guidance, which he believes has been instrumental in achieving the historic performance of IREDA. He also commended the dedicated Team IREDA for their unwavering commitment and relentless efforts that led to these historic financial results.
