IREDA Achieved 54% Increase In Profit
- Indian Masterminds Bureau
- Published on 24 Oct 2023, 3:08 pm IST
- 1 minute read
- The report shows that the growth has been driven by the consistent expansion of the Loan Book
The Indian Renewable Energy Development Agency (IREDA) has achieved a 54% increase in profits with a Profit After Tax (PAT) of ₹285 crores for the quarter. IREDA is a Mini Ratna (Category – I) Government of India enterprise under the Ministry of New and Renewable Energy. It has reported its audited financial results for the second quarter of the fiscal year 2023-24.
The report shows that the growth has been driven by the consistent expansion of the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.72% to 1.65% year-on-year. According to the report the companys’ total Income from Operations is ₹1,176.96 crores which is up by 49% from ₹791.56 crores. Whereas the net worth jumped up by 17 % from ₹ 5,638.31 crores to ₹ 6,580.61 crores.
The CMD of IREDA Mr. Pradip Kumar Das attributed this growth to the trust and support of stakeholders. He also expressed gratitude towards key government figures, the Board of Directors, and Team IREDA for their contributions to these positive financial results.
END OF THE ARTICLE