IREDA Q1 Results Highlights: Net Profit Rises 30% to ₹383 crore, NII Up 37% YoY

Synopsis

On Friday, the Indian Renewable Energy Development Agency (IREDA) announced a net profit increase of over 30%, reaching ₹383.69 crore for the June quarter, primarily due to higher revenues.

IREDA Q1 Results Highlights

On Friday, the Indian Renewable Energy Development Agency (IREDA) reported a net profit surge of over 30%, reaching ₹383.69 crore for the June quarter, driven mainly by increased revenues. The net profit for the same quarter in the previous year was ₹294.58 crore, ending on June 30, 2023.

As the country's largest pure-play green financing Non-Banking Financial Company (NBFC), IREDA set a new industry benchmark by publishing its audited financial results within just 12 days. This achievement also distinguishes IREDA as the first central public sector enterprise (CPSE) to swiftly declare results and achieve the fastest publication of audited results in the banking and NBFC sector.

The company successfully reduced its net non-performing assets to 0.95% in the first quarter of FY 2024-25, down from 1.61% in the same period of FY 2023-24. During a meeting held today in Bhubaneswar, IREDA's Board of Directors praised the company's outstanding performance and sustained growth, approving the audited financial results for the first quarter of FY 2024-25.

Revenue from operations rose to ₹1,501.71 crore in the reviewed quarter, compared to ₹1,143.50 crore in the corresponding period last year. Loan sanctions increased significantly to ₹9,210.22 crore in the first quarter of the fiscal year, up from ₹1,892.45 crore a year ago. Loan disbursements also saw a rise, reaching ₹5,325.88 crore in the quarter, up from ₹3,173.27 crore.

Additionally, the loan book expanded to ₹63,206.78 crore, compared to ₹47,206.66 crore in the same period the previous year.

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IREDA Management Commentary

IREDA Chairman and Managing Director Pradip Kumar Das said, "IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders".