Ireda Net Profit Soars 30% to Rs 383.69 Cr in Q1
Jul 12, 2024 23:04
Ireda, India's largest green financing NBFC, reports over 30% growth in net profit for Q1 FY24-25, reaching Rs 383.69 crore. The company also achieved record-breaking financial result publication speed.
New Delhi, Jul 12 (PTI) Indian Renewable Energy Development Agency (Ireda) on Friday reported over 30 per cent growth in its net profit to Rs 383.69 crore for the June quarter, mainly on the back of higher revenues.
"IREDA has achieved Profit After Tax of Rs 383.69 crore (in Q1), marking an impressive year-on-year growth of 30.25 per cent," a company statement said.
According to the statement, its net profit was Rs 294.58 crore in the quarter ended on June 30, 2023.
As the largest pure-play green financing NBFC in the country, it stated that Ireda achieved a new industry standard by publishing its audited financial results within only 12 days.
This milestone also marks Ireda as the first central public sector enterprise (CPSE) to promptly declare results and achieve the fastest publication of audited results in the banking and NBFC space, it added.
The company has successfully reduced its net non-performing assets to 0.95 per cent in the first quarter of FY 2024-25 from 1.61 per cent in the same quarter of FY 2023-24, it stated.
During a meeting held today in Bhubaneswar, the Board of Directors of Ireda commended the company's exceptional performance and sustained growth, approving the audited financial results for the first quarter of FY 2024-25.
The company's net worth as of June 30, 2024, has reached Rs 9,110.19 crore from Rs 6,290.40 crore, reflecting a year-on-year growth of 44.83 per cent.
Ireda Chairman and Managing Director Pradip Kumar Das said, "IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders".
Revenue from operations increased to Rs 1,510.71 crore in the quarter under review from Rs 1,143.50 crore in the year-ago period.
The loan sanction also increased to Rs 9,210.22 in the first quarter of the fiscal from Rs 1,892.45 crore a year ago·
The loan disbursement also increased Rs 5,325.88 crore in the quarter against 3,173.27 crore.
The loan book also increased to Rs 63,206.78 crore from Rs 47,206.66 crore in the year-ago period.
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