Sunday, May 19 2024 | Time 22:50 Hrs(IST)
Business Economy

IREDA nets all-time high at Rs 1,252.23 cr in FY24

New Delhi, April 19 (UNI) Indian Renewable Energy Development Agency Ltd. (IREDA), the nation's largest pure-play green financing NBFC, Friday announced an all-time high net profit of Rs. 1,252.23 crore in 2023-24, a 44.83 per cent jump over the previous fiscal year 2022-23.
The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99 per cent in FY 2023-24 from 1.66 per cent in FY 2022-23, demonstrating a significant reduction of 40.52 per cent year-on-year, the IREDA said in a release.
The Loan Book of IREDA has grown from Rs. 47,052.52 crore as on March 31, 2023 to Rs. 59,698.11 crore as on March 31, 2024 (registering a growth of 26.81 per cent).
The company has achieved all-time high annual Loan Sanctions of Rs. 37,353.68 crore and Disbursements of Rs. 25,089.04 crore in Financial Year 2023-24, registering an increase of 14.63 per cent and 15.94 per cent respectively.
In the Q4 (January-March, 2024), the company’s net profit stood at Rs 337.38 crore, up 33 per cent over the same quarter in the previous fiscal.
The loan sanctioned during the quarter was Rs. 23,407.57 crore as against Rs 11,796.95 crore in the same quarter in 2022-23. This shows a jump of over 98 per cent, the IREDA said adding the loan disbursement also increased by nearly 14 per cent.
Commenting on the result, Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the remarkable financial results achieved. He emphasized IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.
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