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IREDA Records Impressive Q3 Financial Results: Net Profit Surges 67 Percent

The announcement came during a board meeting in Kevadia, Gujarat, where the Board of Directors praised the company's exceptional performance and sustained growth trajectory.

January 22, 2024. By Abha Rustagi

The Indian Renewable Energy Development Agency Ltd. (IREDA) has unveiled its audited financial results for the third quarter of the fiscal year 2023-24, showcasing a remarkable 67 percent growth in Net Profit, reaching INR 335.54 crores.

The announcement came during a board meeting in Kevadia, Gujarat, where the Board of Directors praised the company's exceptional performance and sustained growth trajectory.

Key financial highlights for Q3, FY 2023-24, compared to the same period in FY 2022-23, include a substantial increase in Profit After Tax to INR 335.54 crores, marking a growth of 67.15 percent. Revenue from Operations surged by 44.21 percent to INR 1,253.20 crores, while the Loan Book expanded by 33.50 percent to INR 50,579.67 crores. The net worth saw a significant rise of 45.49 percent, reaching INR 8,134.56 crores.

Notably, there was a commendable reduction in Net Non-Performing Assets (NPAs) from 2.03 percent to 1.52 percent year-on-year, showcasing the company's prudent financial management. Gross NPAs also witnessed a reduction by 31.70 percent, falling to 2.90 percent.

Earnings Per Share (EPS) demonstrated substantial growth, reaching INR 1.38 as against INR 0.87, an increase of 57.33 percent. Pradip Kumar Das, Chairman and Managing Director of IREDA, expressed his delight at the outstanding results, emphasizing the company's unwavering commitment to accelerating the adoption of renewable energy solutions in India. "For investors and stakeholders, these results signal the promising trajectory of IREDA's contributions to India's energy transition and environmental sustainability. These encouraging financial outcomes underscore IREDA's steadfast dedication to fostering the expansion of the renewable energy sector in India," he said.

Das attributed IREDA's growth to the trust and support of stakeholders, expressing gratitude to key figures such as R.K. Singh, Union Minister of Power, New and Renewable Energy, Bhagawanth Khuba, Minister of State, New and Renewable Energy and Chemicals & Fertilizers, and Bhupinder Singh Bhalla, Secretary, MNRE.

Commending Team IREDA for their dedication and persistent efforts, Das acknowledged their significant contribution to the outstanding financial results, signaling a promising trajectory for IREDA's role in India's energy transition and environmental sustainability.

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Minister of Power and New and Renewable Energy

MNRE