ndian Renewable Energy Development Agency Limited (IREDA) has announced its financial results for the second quarter (Q2) of fiscal year 2024-25, showcasing remarkable growth and performance. During a Board meeting held on Thursday, the Directors approved the company’s financial results, which highlighted a profit after tax (PAT) of Rs 387.75 crore for the quarter ending September 30, reflecting a year-on-year growth of 36.18%.
IREDA’s net worth also surged to Rs 9,336.15 crore, a 41.87% growth compared to the same period last year, underlining the company’s strong financial standing. Revenue from operations reached Rs 1,630.38 crore, marking a 38.52% increase year-on-year. This robust performance is attributed to significant growth in loan sanctions and disbursements, which are crucial for the development of renewable energy projects in India.
Loan sanctions saw a massive surge of 205.88%, rising to Rs 8,723.78 crore, compared to Rs 2,852.05 crore in Q2 FY24. Loan disbursements also grew by 43.93%, totaling Rs 4,461.87 crore, while the overall loan portfolio expanded by 35.88%, reaching Rs 64,564.36 crore.
A key highlight of IREDA’s Q2 results is the substantial reduction in net non-performing assets (NPAs), which improved by 36.79%, bringing the NPA ratio down to 1.04% from 1.65% in the same quarter last year.
Commenting on the results, IREDA CMD Pradip Kumar Das said, “These results reflect our unwavering commitment to India’s renewable energy goals. Our growth in loan sanctions and disbursements highlights our dedication to supporting green projects nationwide.” He expressed gratitude to Union Minister Shri Pralhad Joshi and the Board for their continued support, and praised Team IREDA for their efforts in achieving these outstanding results.
