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Tenders: IREDA accelerating adoption of RE in India

Fiinews by Fiinews
April 22, 2024
in Tenders
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IREDA’s all-time high annual PAT of Rs.1,252.23cr

The Indian Renewable Energy Development Agency Ltd (IREDA) Chairman & Managing Director Pradip Kumar Das has emphasized his group’s steadfast commitment to accelerating the adoption of renewable energy https://www.iea.org/ solutions in India, indicating a promising trajectory for investors and stakeholders.

Speaking on IREDA https://www.ireda.in/ FY 2023-24 performance, he 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.

IREDA, the nation’s largest pure-play green financing https://mnre.gov.in/ NBFC, has achieved an all-time high annual Profit After Tax (PAT) of Rs.1,252.23 crores, 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 31st March, 2023 to Rs.59,698.11 crores as on 31 Mar 2024. The company has achieved all-time high annual Loan Sanctions https://www.climate.gov/ of Rs.37,353.68 crores and Disbursements of Rs.25,089.04 crores in FY 2023-24, registering an increase of 14.63% and 15.94% respectively, over loan sanctions of Rs.32,586.60 crores and disbursements of Rs.21,639.21 crores in the previous year.

This is the company’s highest annual loan disbursement and sanction for renewables projects https://www.isolaralliance.org/ .

The net-worth of the company has grown by 44.22%, having reached Rs.8,559.43 crores as on 31 Mar 2024 as against Rs.5,935.17 crores for the year ending 31 Mar 2023.

The annual financial highlights for the FY2023-24 as against FY2022-23 are as follows:

Profit Before Tax: Rs.1,685.24 crores as against Rs.1,139.25 crores (up by 47.93%)

Profit After Tax: Rs.1,252.23 crores as against Rs.864.63 crores (up by 44.83%)

Loan Sanction: Rs.37,353.68 crores as against Rs.32,586.60 crores (up by 14.63%)

Loan Disbursement: Rs.25,089.04 crores as against Rs.21,639.21 crores (up by 15.94%)

Loan Book: Rs.59,698.11 crores as against Rs.47,052.52 crores (up by 26.81%)

Net worth: Rs.8,559.43 crore as against Rs.5,935.17 crores (up by 44.22%)

Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms).

Key financial highlights for Q4, FY 2023-24 compared to Q4, FY 2022-23 are as follows:

Profit Before Tax: Rs.479.67 crores as against Rs.288.38 crores (up by 66.33%)

Profit After Tax: Rs.337.38 crores as against Rs.253.62 crores (up by 33.03%)

Loan Sanction: Rs.23,407.57 crores as against Rs.11,796.95 crores (up by 98.42%)

Loan Disbursement: Rs.12,869.35 crores as against Rs.11,291.09 crores (up by 13.98%)

Loan Book: Rs.59,698.11 crores as against Rs.47,052.52 crores (up by 26.81%)

Net-worth: Rs.8,559.43 crores as against Rs.5,935.17 crores (up by 44.22%)

Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms). Fiinews.com

Tags: IREDAMinistry of Power
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Fiinews.com features through news articles on business opportunities in the Indian market for the benefits of foreigners. It is also a platform for international businesses to showcase through elaborate articles on their products & services to the Indian consumers and corporations exploiting industrialisation of the country.

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