IREDA Witnesses 67% Profit In Q3, Earnings Per Share Up by 57%

IREDA Witnesses 26.71% Growth In Loan Book In 2023

Indian Renewable Energy Development Agency Ltd. (IREDA) recently announced its audited financial results for the third quarter of the fiscal year 2023-24. The company reported a 67% increase in profit, reaching a Profit After Tax (PAT) of ₹ 335.54 crores for the quarter.

This performance is attributed to the consistent growth in the loan book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.03% to 1.52% from previous year. During a meeting at Kevadia, Gujarat, the Board of Directors approved the audited financial results for the third quarter of the fiscal year 2023-24, applauding the company’s performance and its continued growth trajectory.

Key financial highlights for Q3, FY 2023-24 compared to Q3, FY 2022-23 are as follows:

• Profit After Tax: ₹ 335.54 crores as against ₹ 200.75 crores (up by 67.15%)
• Revenue from Operations: ₹ 1,253.20 crores as against ₹ 868.98 crores (up by 44.21%)
• Loan Book: ₹ 50,579.67 crores as against ₹ 37,887.69 crores (up by 33.50%)
• Net-worth: ₹ 8,134.56 crores as against ₹ 5,591 crores (up by 45.49%)
• Net NPAs: 1.52% as against 2.03% (reduction by 25% in percentage terms)
• Gross NPAs: 2.90% as against 4.24% (reduction by 31.70% in percentage terms)
• Earnings Per Share: ₹ 1.38 as against ₹ 0.87 (up by 57.33%)

Pradip Kumar Das, Chairman & Managing Director (CMD) of IREDA, expressed his happiness at the financial results following the company’s listing. He said, “IREDA is firm in its commitment to expedite the adoption of renewable energy solutions in the country. For investors and stakeholders, these results signal the positive trajectory of IREDA’s contributions to India’s energy transition and environmental sustainability. These encouraging financial outcomes underscore IREDA’s dedication to fostering the expansion of the renewable energy sector in India.”

CMD, IREDA attributed the company’s growth to the trust and support of the stakeholders. He conveyed gratitude to Union Minister of Power R. K. Singh, and Union Minister of Power, New & Renewable Energy Bhagawanth Khuba, Minister of State, New & Renewable Energy and Chemicals & Fertilizers Bhupinder Singh Bhalla, Secretary, MNRE and Board of Directors for their support and guidance, crucial in achieving IREDA’s performance. Commending team IREDA for their dedication and persistent efforts, he acknowledged their contribution to the outstanding financial results.