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IREDA Reports Highest Ever Net Profit of INR 865 Crore in FY 2022-23

With loan sanctions of INR 32,587 crore and disbursements of INR 21,639 crore in FY 2022-23, IREDA recorded the highest annual loan disbursement and sanction in its history.

April 26, 2023. By Anurima Mondal

Indian Renewable Energy Development Agency Ltd. (IREDA) has reported an all-time high annual Profit After Tax (PAT) of INR 865 crores and Profit Before Tax (PBT) of INR 1,139 crores in the financial year 2022-23. The figures represent a significant growth of 36 percent and 37 percent respectively over the previous financial year 2021-22.

IREDA's Net Non-Performing Assets (NPAs) have been reduced from 3.12 percent in FY 2021-22 to 1.66 percent in FY 2022-23. There has been a significant reduction of 47 percent on year-on-year basis.

The Board of Directors of IREDA approved the Audited Financial Results for Financial Year 2022-23 in a recently held meeting while appreciating the company’s outstanding performance and continued growth.

The loan book of IREDA has grown from INR 33,931 crore as on March 31, 2022 to INR 47,076 crore as on March 31, 2023, registering a growth of 39 percent.

IREDA has achieved all-time high annual loan sanctions of INR 32,587 crore and disbursements of INR 21,639 crore in FY 2022-23, registering an increase of 36 percent and 35 percent respectively, over previous financial year loan sanctions of INR 23,921 crore and disbursements of INR 16,071 crore. This marks the highest annual loan disbursement and sanction in the company's history.

The net-worth of the company increased by 13 percent by reaching INR 5,935 crore on March 31, 2023 as against INR 5,268 crores on March 31, 2022.

IREDA CMD Pradip Kumar Das attributed the growth of the company to the trust and support of stakeholders. He reaffirmed that IREDA stands fully committed towards achieving the Prime Minister’s ‘Panchamrita’ targets and lauded the team for its commitment and relentless efforts that made the historical financial results possible.

IREDA is playing a significant role in achieving the 500 GW of non-fossil fuel-based installed capacity by 2030. It is the first PSU, that has made history by publishing its Annual Audited Financial Results in just 25 days, despite SEBI's 60-day deadline.

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