Home Renewable Energy IREDA Profit Rises 87%

IREDA Profit Rises 87%

New Delhi: The Top Most Performer in Indian Renewable Energy Sector, Indian Renewable Development Agency (IREDA) on Thursday announced audited financial results for the third quarter (Q3) ended on December 31, 2022, thanks to the sincere efforts by Team IREDA led by CMD Pradip Kumar Das. 

IREDA, a PSU under the Ministry of New & Renewable Energy (MNRE),  has posted net profit (PAT) of Rs 200.75 crore, which is 87 percent higher as compared to Rs 107.19 crore in the Q3 of the previous financial year.  The net non-performing assets (NPAs) of IREDA have also been reduced to 2.03 percent in Q3 from 6.26 percent in the same period of previous financial year, which is also a significant reduction of 68 percent YoY.

In Q3 of FY 2022-23, IREDA has disbursed a total loan of Rs 6,341.81 crore as against Rs 1,484.84 crore in Q3 of FY 2021-22 which is 327 percent higher. The company has sanctioned of total loan of Rs 9,024.25 crore as against Rs 1,439.33 crore up by 527 percent of CLPY.

The net-worth of IREDA has gone up by 59 percent to Rs 5,591 crore as against Rs 3,521.56 crore in Q3 of FY 2021-22. And total income from operations has also been increased by 17 percent to Rs 868.98 crore as against Rs 743.30 crore in Q3 of FY 2021-22.

Commenting on the company’s performance IREDA CMD Pradip Kumar Das said, “We are happy to post historical financial results for the third quarter with more than three-fold growth in loan disbursement and a five-fold jump in loan sanction. Most impressively, IREDA’s net NPAs have reduced from 6.26 percent in the third quarter of the previous fiscal year to 2.03 percent in the third quarter of FY 2022-23.

CMD emphasized that this would not have been possible without the consistent hard work and unwavering efforts of Team IREDA.

He conveyed his sincere gratitude to Union Minister of Power, New and Renewable Energy RK Singh and Minister of State, New & Renewable Energy Bhagwanth Khuba for their continuous guidance and support.

He also conveyed his gratitude for the abiding support received by the company from the Secretary and other officials of MNRE and the Board of Directors.