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.