Subscribe

0

  • Sign in with Email

By clicking the button, I accept the Terms of Use of the service and its Privacy Policy, as well as consent to the processing of personal data.

Don’t have an account? Signup

  • Bookmarks
  • My Profile
  • Log Out
  • NEWS
  • POLICIES
  • MSME OPPORTUNITIES
  • BANKING & FINANCE
  • TECHNOLOGY FOR SMES
  • SECTORS
  • GLOBAL
  • Investment
  • LEGAL
  • KNOWLEDGE QUEST
  • Future Ready Forum 2025
  • Ek Nayi Udaan
  • Future Ready Summit 2024
  • ADVERTISE WITH US
ad_close_btn
  • News
  • Policies
  • Banking & Finance
  • MSME Opportunities
  • Web Stories
  • InFocus
  • Technology For SMEs
  • Sectors
  • Global
  • Fashion

Powered by :

You have successfully subscribed the newsletter.
Finance InFocus

IREDA Records Rs. 295 Crore Quarterly Profit, Net NPAs Down to 1.61%

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

author-image
SMEStreet Edit Desk
13 Aug 2023 00:00 IST
Updated On 13 Aug 2023 06:49 IST

Follow Us

New Update
IREDA

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.

Top News Financial Report IREDA Financial Statement Quarterly Report Profit After Tax Annual Report
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news
logo

Related Articles
Read the Next Article
Latest Stories
Subscribe to our Newsletter! Be the first to get exclusive offers and the latest news

Latest Stories
Latest Stories
    Powered by


    Subscribe to our Newsletter!




    Powered by
    Select Language
    English

    Share this article

    If you liked this article share it with your friends.
    they will thank you later

    Facebook
    Twitter
    Whatsapp

    Copied!