Indian Renewable Energy Development Agency Ltd. (IREDA) on Saturday reported a remarkable 67% increase, reaching a Profit After Tax (PAT) of Rs 335.54 crores for the quarter as against Rs 200.75 crore.
In its audited financial results for the third quarter of the fiscal year 2023-24, the company said its outstanding performance is attributed to consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.03% to 1.52% year-on-year.
During a meeting at Kevadia, Gujarat, the Board of Directors approved the Audited Financial Results for the third quarter of the fiscal year 2023-24, applauding the company’s outstanding performance and its continued growth trajectory.
Company’s revenue from Operations stands at Rs 1,253.20 crores as against Rs 868.98 crores, up by 44.21% for this quarter.
Net-worth shoots by 45.49% at Rs 8,134.56 crores as against Rs 5,591 crores. The Loan Book stands ar Rs 50,579.67 crores as against Rs 37,887.69 crores, up by 33.50%.
IREDA reported net NPAs at 1.52% as against 2.03% marking reduction by 25% in percentage terms. While the Gross NPAs stood at 2.90% as against 4.24%, reduction by 31.70% in percentage terms.
Its Earnings Per Share surged by 57.33% at Rs 1.38 as against Rs 0.87.
Speaking on the results, IREDA’s Chairman & Managing Director, Pradip Kumar Das expressed his happiness at the exceptional financial results following the company’s listing and said, “IREDA is unwavering in its commitment to expedite the adoption of renewable energy solutions in the country. 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 added.
CMD, IREDA attributed the company’s growth to the trust and support of the stakeholders. He conveyed gratitude to RK Singh, Union Minister of Power, New & Renewable Energy and other dignitaries for their unwavering support and guidance, crucial in achieving IREDA’s historic performance.
Commending Team IREDA for their dedication and persistent efforts, he acknowledged their contribution to the outstanding financial results.