State-owned green energy non-banking financing corporation Indian Renewable Energy Development Agency (IREDA) registered an increase of 36.18% on year in its net profit in the second quarter of the current financial year 2024-25. The company’s profit after tax for the period rose to Rs 387.75 crore against Rs 284.7 crore a year ago.
The company has also significantly reduced its net Non-Performing Assets to 1.04% from 1.65% in the corresponding quarter of the previous financial year. IREDA’s net worth as of September 30, 2024, stood at Rs. 9,336.15 crore, up 41.87% from the same period last year.
The company revenue from operations for the quarter under review also increased by 38.5% to Rs 1,630.38 crore from Rs. 1,176.96 crore in the corresponding quarter of last year.
IREDA sanctioned loans worth Rs 8,723.78 crore, up from Rs. 2,852.05 crore in Q2FY24. Loan disbursements for the period stood at Rs. 4,461.87 crore, up from Rs. 3,099.98 crore a year ago.
As on September 30, the company’s loan book stood at Rs. 64,564.36 crore, up from Rs. 47,514.48 crore in Q2FY24.
“IREDA’s Q2 results reflect our unwavering dedication to advancing India’s renewable energy goals. Our substantial growth in loan sanctions and disbursements underscores our commitment to supporting green projects across the nation,” said Pradip Kumar Das, Chairman and Managing Director of IREDA.
The company has also received approval from DIPAM for setting up of wholly owned subsidiary for retail business such as PM KUSUM, rooftop solar and other B2c segments in renewable energy and emerging RE sector including EVs, energy storage, green technologies, sustainability, energy efficiency etc, it said in an exchange filing.