IREDA Q4 results 2024: The Indian PSU (Public Sector Undertaking) company Indian Renewable Energy Development Agency (IREDA) Ltd announced its Q4 results 2024 on Friday evening.
On account of higher income, the state-owned company reported a net profit of ₹337.37 crore in Q4FY24, logging a YoY growth of 33% against the company's net profit in Q4FY23.
IREDA net profit climbs to record highInforming the Indian exchanges about the Q4 results 2024, IREDA said, "IREDA has achieved an all-time high annual Profit After Tax (PAT) of Rs.
2] PAT or net profit: The PSU company reported a net profit of ₹337.38 crore in Q4FY24, a record YoY rise of over 33 percent against the Q4FY23 net profit of ₹253.62 crore.
Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the remarkable financial results achieved.
IREDA Q4 results 2024: The Indian PSU (Public Sector Undertaking) company Indian Renewable Energy Development Agency (IREDA) Ltd announced its Q4 results 2024 on Friday evening. The state-owned company declared an impressive number during the recently ended March 2024 quarter both sequentially and yearly. On account of higher income, the state-owned company reported a net profit of ₹337.37 crore in Q4FY24, logging a YoY growth of 33% against the company's net profit in Q4FY23. INDIAN'S largest pure-play green financing NBFC reported YoY growth of 44.83 percent in PAT (Profit After Tax) and climbed to an all-time high of ₹1252.23 crore. The PSU also managed to bring down its Non-Performing Asset (NPA) to 0.99% in FY 2023-24 from 1.66% in FY 2022-23.
IREDA net profit climbs to record high
Informing the Indian exchanges about the Q4 results 2024, IREDA said, "IREDA has achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crore, marking an impressive growth of 44.83% over the previous fiscal year 2022-23. The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24 from 1.66% in FY 2022-23, demonstrating a significant reduction of 40.52% year-on-year."
The Loan Book of IREDA has grown from ₹47,052.52 crores as of 31st March 2023 to ₹59,698.11 crores as of 31st March 2024 (registering a growth of 26.81%). The company has achieved all-time high annual Loan Sanctions of ₹37,353.68 crore and Disbursements of ₹25,089.04 crore in Financial Year 2023-24, registering an increase of 14.63% and 15.94% respectively, over the previous financial year loan sanctions of ₹32,586.60 crore and disbursements of ₹21,639.21 crore. This marks the highest annual loan disbursement and sanction in the company's history.
IREDA Q4 results 2024: Top 5 takeaways
1] Profit Before Tax (PBT): The company reports PBT at ₹479.67 crore from January to March 2024, logging a 66.33 percent rise against PBT of ₹288.38 crore in Q4FY23.
2] PAT or net profit: The PSU company reported a net profit of ₹337.38 crore in Q4FY24, a record YoY rise of over 33 percent against the Q4FY23 net profit of ₹253.62 crore.
3] Loan Sanctions: The company's Loan Sanction stood at ₹23,407.57 crore in the recently ended fourth quarter of the financial year 2023-24, logging a YoY rise of 98.42 percent against the sanctioned loan amount of ₹11,796.95 crore in Q4FY23.
4] Loan Disbursement: In Q4FY24, the state-owned company reported a total loan disbursed amount of ₹12,869.35 crore as against ₹11,291.09 crore in the corresponding period in the previous fiscal (up by 13.98%).
5] Net Worth: The company's net worth stood at ₹8,559.43 crore as against ₹5,935.17 crore in the same quarter in the previous financial year (up by 44.22%).
Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the remarkable financial results achieved. He emphasized IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.
CMD, IREDA attributed the company's growth to the unwavering trust and support of its stakeholders, while extending gratitude to the Ministry of New & Renewable Energy and Board of Directors for their indispensable support and guidance. He also commended Team IREDA for their dedication and persistent efforts, which significantly contributed to the outstanding financial performance.
The net worth of the company as of 31st March 2024 has reached ₹8,559.43 crore as against ₹5,935.17 crore, year ending 31st March 2023 (increased by 44.22%).
IREDA share price ended on Friday at ₹160.95 apiece on NSE.
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