IREDA’s Profit Soars 30%: Leading Renewable Energy Financing
With a net profit of ₹383.69 crore for the first quarter of the fiscal year 2024–25, the Indian Renewable Energy Development Agency (IRDA) has announced a significant 30% rise. This amazing increase, from ₹ 294.58 crore in the same period last year, is mostly due to higher revenues.Reducing its net non-performing assets (NPAs), which declined to 0.95% in Q1 FY 2024 from 1.61% in the same period of the previous fiscal year, IREDA has also made notable advancements in this regard. This improvement in asset quality and the business’s financial situation highlight it.Emphasising the company’s great will to forward renewable energy in India, Pradip Kumar Das, Chairman and Managing Director of IREDA, said, “IREA’s continuous commitment to hastening the acceptance of renewable energy solutions in India indicates a promising path for investors and stakeholders.”.IREDA, the biggest green finance non-banking financial business (NBFC) in the country, set a new industry record by publishing its audited financial statements within just 12 days, becoming the first central public sector enterprise (CPSE) to achieve such quick reporting.Loan sanctions also increased significantly for the corporation; in the first quarter, from ₹1,892.45 crore a year earlier, they came to ₹9,210.22 crore. Loan disbursements rose from ₹3,173.27 crore to ₹5,325.89 crore in the same way. Overall, the loan book increased from ₹47, 206.66 crore in the previous year to ₹63, 206.78 crore.Comparatively to ₹1,143.50 crore in the previous year, revenue from operations for the quarter jumped to ₹1,501.71 crore. This increase underlines IREDA’s strategic emphasis on increasing financing for renewable energy projects and its solid financial performance.Approving the audited financial figures for Q1 FY 2024–25, IREDA’s Board of Directors met in Bhubaneswar and praised the company’s exceptional performance and consistent expansion. The company’s net worth as of June 30, 2024, rose from ₹6,290.40 crore the year to ₹9,110.19 crore, a 44.83% rise.IREDA’s rapid financial expansion and strategic initiatives demonstrate its critical role in helping India’s renewable energy targets, presenting a positive future for stakeholders and investors.
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