Ireda PAT up 54% in Q2FY24, NPAs down 39%
ECONOMY & POLICY

Ireda PAT up 54% in Q2FY24, NPAs down 39%

According to a release from the Ministry of New and Renewable Energy, the Indian Renewable Energy Development Agency (Ireda) reported a 54% increase in profits after tax (PAT) at Rs 285 crore for the second quarter of the current fiscal year (Q2FY24).

Net non-performing assets (NPAs) were also reduced by 39% to 1.65% from 2.72 % last year. Gross NPA fell by 38% to 3.13 percent, compared to 5.06 percent in the same period last year.

Total operating income increased by 49% to Rs 1,176.96 crore from Rs 791.56 crore the previous year.

Ireda also reported sustained growth in its loan book, which climbed by 41% year on year to Rs 47,514.48 crore from Rs 33,783.36 crore.

Ireda's net worth increased by 17% year on year to Rs 6,580.61 crore from Rs 5,638.31 crore. At a meeting today at Ireda's registered office, the board of directors approved the audited financial statements for the second quarter of fiscal year 2023-24. The Board praised the company's excellent performance and ongoing growth trajectory.

Speaking on the results, the chairman & managing director of Ireda, Pradip Kumar Das said, ""Ireda remains committed to its commitment of accelerating the adoption of renewable energy solutions in the country. These positive financial results are a testament to IREDA's steady dedication to facilitating the growth of the renewable energy sector in India, which contributes to the nation's energy transition and environmental sustainability.""

Ireda is a Mini Ratna (Category - I) Government of India firm that reports to the Ministry of New and Renewable Energy.

According to a release from the Ministry of New and Renewable Energy, the Indian Renewable Energy Development Agency (Ireda) reported a 54% increase in profits after tax (PAT) at Rs 285 crore for the second quarter of the current fiscal year (Q2FY24).Net non-performing assets (NPAs) were also reduced by 39% to 1.65% from 2.72 % last year. Gross NPA fell by 38% to 3.13 percent, compared to 5.06 percent in the same period last year.Total operating income increased by 49% to Rs 1,176.96 crore from Rs 791.56 crore the previous year.Ireda also reported sustained growth in its loan book, which climbed by 41% year on year to Rs 47,514.48 crore from Rs 33,783.36 crore.Ireda's net worth increased by 17% year on year to Rs 6,580.61 crore from Rs 5,638.31 crore. At a meeting today at Ireda's registered office, the board of directors approved the audited financial statements for the second quarter of fiscal year 2023-24. The Board praised the company's excellent performance and ongoing growth trajectory.Speaking on the results, the chairman & managing director of Ireda, Pradip Kumar Das said, Ireda remains committed to its commitment of accelerating the adoption of renewable energy solutions in the country. These positive financial results are a testament to IREDA's steady dedication to facilitating the growth of the renewable energy sector in India, which contributes to the nation's energy transition and environmental sustainability.Ireda is a Mini Ratna (Category - I) Government of India firm that reports to the Ministry of New and Renewable Energy.

Next Story
Infrastructure Energy

J&K CM Rules Out Power Privatisation, Focuses on Sector Reform

Jammu and Kashmir Chief Minister Omar Abdullah has dismissed speculation regarding privatisation of electricity in the Union Territory, emphasising that his priority is to strengthen and reform the power sector.“We are not discussing privatisation. By reducing losses, improving billing efficiency, and enhancing revenue, there will be no need for it. My vision is to strengthen and reform the power sector in J&K,” Abdullah stated.He addressed the gathering at the 58th Engineers’ Day at SKICC on Monday evening, an event honouring Bharat Ratna Sir M Visvesvaraya for his pioneering contri..

Next Story
Infrastructure Urban

Mumbai’s Sassoon Dock to Get Tech-Driven Modernisation with Finland

The Maharashtra government, in collaboration with Finland, will modernise Mumbai’s historic Sassoon Dock using advanced technology, state minister Nitesh Rane announced on Wednesday.Rane met a delegation of Finnish officials and representatives of Finnish companies at the dock to discuss strategic plans for upgrading the facility in south Mumbai, according to an official statement.Built in the 19th century, Sassoon Dock is one of Mumbai’s oldest and busiest fishing harbours. Operations currently exceed its original capacity, raising concerns over hygiene, odour, fish handling standards, an..

Next Story
Infrastructure Energy

Agarwal Industrial Wins Rs 3.3 Billion IOCL Bitumen Tender

Agarwal Industrial Corporation rose 3.84 per cent to Rs 945.65 after announcing it had secured a prestigious tender from Indian Oil Corporation (IOCL) worth Rs 3.3 billion.In a regulatory filing during market hours, the company confirmed it had won the tender to supply Bulk Bitumen (VG-30 and VG-40 grades) to IOCL’s Kakinada locations.The firm quantity under the award totals around 60,500 tonnes across 11 parcels, while the optional quantity is approximately 33,000 tonnes across six parcels. This brings the total awarded quantity to roughly 93,500 tonnes. At current market prices, the firm o..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?