Indian Renewable Energy Development Agency (IREDA), a government enterprise under the Ministry of New and Renewable Energy, has unveiled its audited financial results for the second quarter of the fiscal year 2023-24, showcasing impressive financial growth.
IREDA reported a remarkable 54% surge in profits, with a Profit After Tax (PAT) of ₹285 crores for the quarter. This substantial profit increase can be attributed to consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs), decreasing from 2.72% to 1.65% year-on-year.
Key Financial Highlights
The financial highlights for Q2, FY 2023-24, compared to Q2, FY 2022-23, are as follows:
Profit Before Tax: ₹379.90 crores, a 37% increase from ₹276.31 crores.
Profit After Tax: ₹284.73 crores, marking a remarkable 54% rise from ₹184.30 crores.
Total Income from Operations: ₹1,176.96 crores, demonstrating a 49% growth from ₹791.56 crores.
Loan Book: ₹47,514.48 crores, showing a robust 41% increase from ₹33,783.36 crores.
Net worth: ₹6,580.61 crores, a solid 17% rise from ₹5,638.31 crores.
Net NPAs: A significant reduction to 1.65% from 2.72%, a 39% decrease in percentage terms.
Gross NPAs: Decreased to 3.13% from 5.06%, a 38% reduction in percentage terms.
Management Commentary
The Audited Financial Results for Q2, FY 2023-24, were approved during a meeting held at IREDA's registered office. The Board of Directors commended the company for its outstanding performance and continuous growth trajectory.
Shri Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his delight at the results. He emphasized IREDA's unwavering commitment to accelerating the adoption of renewable energy solutions in India. These impressive financial results are a testament to IREDA's steadfast dedication to supporting the growth of the renewable energy sector, a crucial element of India's energy transition and environmental sustainability.
CMD, IREDA attributed the company's growth to the trust and support of stakeholders. He extended his gratitude to key figures, including Union Minister for Power and New & Renewable Energy Shri R. K. Singh, Union Minister of State for New & Renewable Energy Shri Bhagawanth Khuba, Secretary, New & Renewable Energy, and the Board of Directors. Their constant support and guidance have been instrumental in achieving these remarkable financial results. Shri Pradip Kumar Das also praised Team IREDA for their commitment and relentless efforts, which played a pivotal role in the company's strong performance.
IREDA's remarkable financial growth reflects its pivotal role in advancing India's renewable energy sector and contributing to the nation's sustainable and greener energy future.