IREDA Reports 36 Percent Surge in PAT to INR 387.75 Crore, Loan Sanctions Jump 206 Percent
IREDA's Q2 results show a 36 percent increase in Profit After Tax to INR 387.75 crore and a 206 percent rise in loan sanctions, totaling INR 8,723.78 crore. The agency’s performance supports India’s renewable energy financing goals.
October 11, 2024. By EI News Network
The company's Profit After Tax (PAT) for the quarter ended September 30, 2024, reached INR 387.75 crore, marking a significant year-on-year increase of 36.18 percent from INR 284.73 crore in the same period last year. This growth is attributed to IREDA’s aggressive push to fund renewable energy projects, in line with India’s commitment to a sustainable energy transition. The company's robust financial health is also reflected in a substantial reduction in its Net Non-Performing Assets (NPAs), which decreased to 1.04 percent from 1.65 percent a year earlier, showcasing IREDA’s ability to maintain high-quality asset standards.
In addition to the growth in PAT, IREDA saw its net worth surge by 41.87 percent to INR 9,336.15 crore as of September 30, 2024. This indicates a solid financial foundation and continued upward momentum for the agency as it supports India's renewable energy projects.
Key highlights of IREDA’s financial performance for Q2 FY 2024-25 include a revenue from operations of INR 1,630.38 crore, marking a 38.52 percent increase from INR 1,176.96 crore in Q2 FY 2023-24. The agency’s loan sanctions saw a dramatic rise of 205.88 percent, amounting to INR 8,723.78 crore, compared to INR 2,852.05 crore in the previous year. Loan disbursements also increased by 43.93 percent reaching INR 4,461.87 crore, up from INR 3,099.98 crore, further reflecting IREDA's growing capacity to finance green projects across the nation. Additionally, the total loan book stood at INR 64,564.36 crore, which represents a 35.88 percent increase from INR 47,514.48 crore in the same period last year, highlighting IREDA’s expanding footprint in green financing.
Chairman and Managing Director of IREDA, Pradip Kumar Das, attributed the strong performance to the agency’s commitment to advancing India’s renewable energy objectives. He expressed gratitude to key stakeholders, including the Ministry of New and Renewable Energy and the Board of Directors, for their ongoing support, and acknowledged the efforts of Team IREDA in driving the company’s success.
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