IREDA Q2 Results : Net Profit Rises 54%, NPA Reduced To 1.65%
The PSUs Profit After Tax: ₹ 284.73 crores as against ₹ 184.30 crores (up by 54%)
Indian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, announced its audited financial results for the second quarter of the fiscal year 2023-24 today, October 23, 2023. The company reported a 54% increase in profits, reaching a Profit After Tax (PAT) of ₹ 285 crores for the quarter. This has been driven by consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.72% to 1.65% year-on-year.
Key financial highlights for Q2, FY 2023-24 compared to Q2, FY 2022-23 are as follows:
- Profit Before Tax: ₹ 379.90 crores as against ₹ 276.31 crores (up by 37%)
- Profit After Tax: ₹ 284.73 crores as against ₹ 184.30 crores (up by 54%)
- Total Income from Operations: ₹ 1,176.96 crores as against ₹ 791.56 crores (up by 49%)
- Loan Book: ₹ 47,514.48 crores as against ₹ 33,783.36 crores (up by 41%)
- Net worth: ₹ 6,580.61 crores as against ₹ 5,638.31 crores (up by 17%)
- Net NPAs: 1.65% as against 2.72% (reduction by 39% in percentage terms)
- Gross NPAs: 3.13% as against 5.06% (reduction by 38% in percentage terms)
The Audited Financial Results for the second quarter of the fiscal year 2023-24 were approved by the Board of Directors at a meeting at IREDA’s registered office today. The Board applauded the company’s outstanding performance and its continued growth trajectory.
Expressing happiness at the results, Chairman & Managing Director of IREDA, Shri Pradip Kumar Das said: “IREDA remains committed to its commitment of accelerating the adoption of renewable energy solutions in the country. These positive financial results are a testament to IREDA’s steady dedication to facilitating the growth of the renewable energy sector in India, which contributes to the nation’s energy transition and environmental sustainability.”
CMD, IREDA attributed the growth of the company to the trust and support of stakeholders. He expressed his gratitude towards Union Minister for Power and New & Renewable Energy Shri R. K. Singh; Union Minister of State for New & Renewable Energy Shri Bhagawanth Khuba; Secretary, New & Renewable Energy and to the Board of Directors for their constant support and guidance, which he says has been instrumental in achieving the performance of IREDA. He applauded Team IREDA for their commitment and relentless efforts that have led to these financial results.
