Ireda Q2 net profit grows 36% to Rs 3.88 Bn

11 Oct 2024 CW Team

State-owned Ireda reported a 36 % rise in its profit after tax to Rs 3.87 Bn in the September quarter on higher revenues. The company had posted a profit after tax (PAT) of Rs 2.84 Bn 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 % year-on-year to Rs 16.30 billion from Rs 11.76 billion. Ireda's loan book increased by 35.88 % to Rs 645.64.36 billion from Rs 47,514.48 crore in the same quarter a year. 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 or conservation.

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