The Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) enterprise under the Ministry of New and Renewable Energy of the Government of India, announced its audited financial results for the second quarter of the fiscal year 2023-24.
During the quarter, the company witnessed a substantial 54% surge in profits, achieving a Profit After Tax (PAT) of ₹ 285 crores. This remarkable performance was attributed to the steady expansion of the Loan Book and a notable decrease in Net Non-Performing Assets (NPAs) from 2.72% to 1.65% on a year-on-year basis.
Key financial highlights for Q2, FY 2023-24 compared to Q2, FY 2022-23 are as follows:
- Profit Before Tax: ₹ 379.90 crores as against ₹ 276.31 crores (up by 37%)
- Profit After Tax: ₹ 284.73 crores as against ₹ 184.30 crores (up by 54%)
- Total Income from Operations: ₹ 1,176.96 crores as against ₹ 791.56 crores (up by 49%)
- Loan Book: ₹ 47,514.48 crores as against ₹ 33,783.36 crores (up by 41%)
- Net worth: ₹ 6,580.61 crores as against ₹ 5,638.31 crores (up by 17%)
- Net NPAs: 1.65% as against 2.72% (reduction by 39% in percentage terms)
- Gross NPAs: 3.13% as against 5.06% (reduction by 38% in percentage terms)
IREDA’s Board of Directors sanctioned the Audited Financial Results for the second quarter of the fiscal year 2023-24 during a meeting held at the company’s registered office today. The Board commended the remarkable performance of the company and its consistent trajectory of growth.
Expressing happiness at the results, Chairman & Managing Director of IREDA, Pradip Kumar Das said, ‘IREDA remains committed to its commitment of accelerating the adoption of renewable energy solutions in the country. These positive financial results are a testament to IREDA’s steady dedication to facilitating the growth of the renewable energy sector in India, which contributes to the nation’s energy transition and environmental sustainability.’
CMD, IREDA attributed the growth of the company to the trust and support of stakeholders. He expressed his gratitude towards Union Minister for Power and New & Renewable Energy, R. K. Singh; Union Minister of State for New & Renewable Energy Bhagawanth Khuba; Secretary, New & Renewable Energy and to the Board of Directors for their constant support and guidance, which he says has been instrumental in achieving the performance of IREDA. He applauded Team IREDA for their commitment and relentless efforts that have led to these financial results.
