State-owned Indian Renewable Energy Development Agency (IREDA) has announced a significant increase in its net profit for the third quarter of the fiscal year 2023-24. Here’s a detailed overview of the financial performance and key highlights:

Profit Growth and Financial Metrics

IREDA recorded a notable surge in net profit, which soared by 67% to reach Rs 335.54 crore in the quarter ending December 2023. This substantial growth in profit can be attributed to higher income generated during the period. Comparatively, the company had reported a net profit of Rs 200.75 crore during the same period in the preceding fiscal year.

The total income of IREDA witnessed a remarkable increase, reaching Rs 1,253.19 crore in Q3 FY24 compared to Rs 868.97 crore in the corresponding period last year. Meanwhile, expenses rose to Rs 867.05 crore from Rs 634.27 crore, reflecting increased operational activity.

Market Listing and Investor Outlook

IREDA’s equity shares were listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) on November 29, 2023. The successful listing marked a significant milestone for the company, further enhancing its visibility and accessibility to investors in the capital markets.

Pradip Kumar Das, the Chairman and Managing Director of IREDA, expressed optimism regarding the company’s performance, highlighting its pivotal role in India’s energy transition and environmental sustainability. He emphasized that the Q3 results underscore the promising trajectory of IREDA’s contributions.

Loan Portfolio and Net Worth

The financial report also revealed a notable expansion in IREDA’s loan book, which stood at Rs 50,579.67 crore in Q3 FY24. This marked a substantial increase of 33.50% from Rs 37,887.69 crore recorded in the corresponding quarter of the previous fiscal year.

Furthermore, IREDA’s net worth witnessed significant growth, rising by 45.49% to Rs 8,134.56 crore compared to Rs 5,591 crore in the year-ago period. The strengthened financial position reflects the organization’s continued efforts in promoting, developing, and extending financial assistance for renewable energy projects and energy efficiency initiatives.

About IREDA

IREDA, operating under the Ministry of New and Renewable Energy, serves as a non-banking financial institution dedicated to promoting and facilitating projects related to renewable energy sources and energy efficiency. The agency plays a vital role in advancing India’s renewable energy agenda and fostering sustainable development practices.