Indian Renewable Energy Development Agency Ltd. (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, has achieved a remarkable milestone with an all-time high Quarterly Profit After Tax (PAT) of Rs. 295 crores and Profit Before Tax (PBT) of Rs. 440 crores in the 1st Quarter of the fiscal year 2023-24. This achievement marks a notable growth of 30% and 29% respectively, compared to the corresponding period of the previous financial year 2022-23. IREDA has also demonstrated a significant reduction in Net Non-Performing Assets (NPAs), bringing them down to 1.61% in Q1, FY 2023-24 from 2.92% in Q1, FY 2022-23, representing a remarkable 45% reduction (in percentage terms) on a year-on-year basis.
Commending the company’s exceptional performance and consistent growth trajectory, the Board of Directors of IREDA, in a meeting held today, August 12, 2023, approved the Audited Financial Results for the 1st Quarter of the Financial Year 2023-24.
Over the previous year, IREDA’s Loan Book has expanded from Rs. 32,679 crores as of 30th June, 2022, to Rs. 47,207 crores as of 30th June, 2023, showcasing a robust growth of 44%. During the 1st Quarter, the company achieved Loan Disbursement of Rs. 3,173 crores and a Total Income from Operations of Rs. 1,143 crores, demonstrating a substantial increase of 272% and 45% respectively, compared to the corresponding quarter of the previous year, wherein Loan Disbursement was Rs. 852 crores and Total Income from Operations was Rs. 786 crores.
Noteworthy financial highlights for the first quarter of FY 2023-24, compared to the same period in FY 2022-23, include:
- Total Income from Operations: Rs. 1,143 crores as against Rs. 786 crores (up by 45%)
- Profit Before Tax: Rs. 440 crores as against Rs. 340 crores (up by 29%)
- Profit After Tax: Rs. 295 crores as against Rs. 226 crores (up by 30%)
- Loan Disbursement: Rs. 3,173 crores as against 852 crores (up by 272%)
- Loan Book: Rs. 47,207 crores as against Rs. 32,679 crores (up by 44%)
- Net-worth: Rs. 6,290 crores as against Rs. 5,514 crores (up by 14%)
- Net NPAs: 1.61% as against 2.92% (reduction by 45% in percentage terms)
- Gross NPAs: 3.08% as against 5.33% (reduction by 42% in percentage terms)
Shri Pradip Kumar Das, Chairman & Managing Director, 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 and Renewable Energy Shri R. K. Singh; Union Minister of State, New and Renewable Energy, Shri Bhagawanth Khuba; Secretary, MNRE and Board of Directors for their constant support and guidance, which he said has been instrumental in achieving the historic performance of IREDA. He has also commended the dedicated Team IREDA for their unwavering commitment and relentless efforts that have led to these historic financial results.