Ireda Q2 Profit Surges 36% to Rs 388 cr | Renewable Energy News

New Delhi, Oct 10 (PTI) State-owned Ireda on Thursday reported a 36 per cent rise in its profit after tax to Rs 387.75 crore in the September quarter on higher revenues.

The company had posted a profit after tax (PAT) of Rs 284.73 crore in the July-September period of the preceding 2023-24 fiscal, it said in an exchange filing.

Its total revenue from operations rose 38.52 per cent year-on-year to Rs 1,630.38 crore from Rs 1,176.96 crore.

Ireda's loan book increased by 35.88 per cent to Rs 64,564.36 crore from Rs 47,514.48 crore in the same quarter a year.

Loan sanctions jumped around four-fold to Rs 8,723.78 crore against Rs 2,852.05 crore in the second quarter last fiscal.

The company disbursed Rs 4,461.87 crore worth of loans, up 43.93 per cent from Rs 3,099.98 crore in the year-ago quarter.

Ireda CMD Pradip Kumar Das said, "Q2 results reflect our unwavering dedication to advancing India's renewable energy goals. The substantial growth in loan sanctions and disbursements underscores the company's commitment to supporting green projects across the nation".

Indian Renewable Energy Development Agency, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.