In Short : Government renewable power company IREDA attains record-high profits, showcasing its financial strength and effectiveness. This achievement underscores its pivotal role in promoting renewable energy adoption and sustainability efforts in India.
In Detail : New Delhi [India] : Indian Renewable Energy Development Agency Ltd. (IREDA) achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crore in its audited financial results for the fiscal year 2023-24, the company informed in an exchange filing on Friday.
The loan disbursement amount of IREDA also increased to all time high. The Loan Book (lending) of IREDA increased from Rs. 47,052.52 crores as on 31st March 2023 to Rs. 59,698.11 crores as on 31st March 2024, a growth of 26.81%. The company has also achieved all-time high annual Loan Sanctions of Rs. 37,353.68 crore and Disbursements of Rs. 25,089.04 crore in FY 2023-24, an increase of 14.63% and 15.94% respectively, over the previous financial year.
“IREDA’s steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders” said Pradip Kumar Das, Chairman & Managing Director of IREDA.
The net-worth of the company as on 31st March 2024 reached Rs. 8,559.43 crore compared to Rs. 5,935.17 crore as of 31st March 2023, indicating an increase of 44.22%. It indicates an increase of 44.22%.
The company showed a growth of 44.83% over the previous fiscal year 2022-23 and has reduced its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24 from 1.66% in FY 2022-23, marking a reduction of 40.52% year-on-year.
The Board of Directors commended IREDA’s performance during a meeting held at the Registered Office, where they approved the Audited Financial Results for FY 2023-24.
Indian Renewable Energy Development Agency Ltd. (IREDA) is a Mini Ratna (Category – I) Government of India Enterprise under the administrative control of Ministry of New and Renewable Energy (MNRE).
It is India’s largest green financing NBFC (Non-Banking Financial Company) which provides financial assistance and other services to projects related to renewable sources of energy and energy efficiency/conservation.
IREDA was established in 1987 engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.
