IREDA Q1 Results: Indian Renewable Energy Development Agency (IREDA) announced its April-June quarter results on Friday, July 12, reporting a rise of 30.2 per cent in net profit at ₹383.7 crore, compared to ₹294.6 crore in the corresponding period last year.
The state-owned renewable sector financier's total revenue from operations rose 32 per cent at ₹ ₹1,501.71 crore in the first quarter of current fiscal, compared to ₹1,43.50 crore in the year-ago period.
IREDA's net worth as of June 30, 2024, has reached ₹9,110.19 crore from ₹6,290.40 crore, reflecting a year-on-year growth of 44.83 per cent.
The loan disbursement increased 67.84 per cent to ₹5,325.88 crore in the June quarter against 3,173.27 crore a year-ago.
The loan book rose 33.89 per cent to ₹63,206.78 crore from ₹47,206.66 crore in the year-ago period.
IREDA Q1 Results: Indian Renewable Energy Development Agency (IREDA) announced its April-June quarter results on Friday, July 12, reporting a rise of 30.2 per cent in net profit at ₹383.7 crore, compared to ₹294.6 crore in the corresponding period last year. The state-owned renewable sector financier's total revenue from operations rose 32 per cent at ₹ ₹1,501.71 crore in the first quarter of current fiscal, compared to ₹1,43.50 crore in the year-ago period.
The profit rise was mainly due to higher revenues. As India's largest pure-play green finance company, IREDA stated that it achieved a new industry standard by publishing its audited financial results within 12 days. IREDA became the first central public sector enterprise (CPSE) to declare results and achieve the fastest publication of earnings in the non-banking financial company (NBFC) space.
IREDA Q1 Results - Key Metrics IREDA's net-interest income (NII)-the difference between interest earned and paid- rose 37.6 per cent to ₹507.9 crore compared to ₹369 crore in the same period last year. The state-owned financial services company reduced its net non-performing assets (NPA) to 0.95 per cent in the June quarter from 1.61 per cent in the year-ago period.
IREDA's net worth as of June 30, 2024, has reached ₹9,110.19 crore from ₹6,290.40 crore, reflecting a year-on-year growth of 44.83 per cent. "IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders,'' said Pradip Kumar Das, Chairman and Managing Director, IREDA.
The loan sanction also increased by 386.68 per cent to ₹9,210.22 in the first quarter of the fiscal year from ₹1,892.45 crore a year ago. The loan disbursement increased 67.84 per cent to ₹5,325.88 crore in the June quarter against 3,173.27 crore a year-ago. The loan book rose 33.89 per cent to ₹63,206.78 crore from ₹47,206.66 crore in the year-ago period.
