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IREDA Reports All-Time High Annual Net Profit, NPAs below 1%

By IndianMandarins- 20 Apr 2024


New Delhi (20.04.2024): Indian Renewable Energy Development Agency Ltd. (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 by 26.81%, from Rs. 47,052.52 crores as on March 31, 2023 to Rs 59,698.11 crore as on March 31, 2024. The company has achieved all-time high annual Loan Sanctions of Rs 37,353.68 crore and Disbursements of Rs 25,089.04 crore in Financial Year 2023-24, registering an increase of 14.63% and 15.94% respectively, over loan sanctions of Rs 32,586.60 crore and disbursements of Rs 21,639.21 crore in the previous year. This marks the highest annual loan disbursement and sanction in the history of the company.
The net-worth of the company has grown by 44.22%, having reached Rs 8,559.43 crore as on March 31, 2024 as against Rs 5,935.17 crore for the year ending March 31, 2023.
On the occasion of announcement of the unprecedented audited financial results for the fiscal year 2023-24, the Board of Directors of IREDA commended the company's exceptional performance and sustained growth at a meeting held at the company’s Registered Office on April 19, 2024.
Expressing happiness on the remarkable financial results, Chairman & Managing Director of IREDA Pradip Kumar Das emphasized IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.

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