IREDA posts 45 pc jump in net profit at Rs 1,252 crore for 2023-24

Indian Renewable Energy Development Agency Ltd. (IREDA) on Saturday reported a 44.83 per cent jump in net profit to Rs 1,252.23 crores for the financial year ended March 31, 2024, compared to the net profit of Rs 864.63 crores registered in the previous fiscal year 2022-23.

The nation’s largest pure-play green financing NBFC also said that it has successfully reduced its net non-performing assets (NPAs) to 0.99 per cent in FY 2023-24 from 1.66 per cent in FY 2022-23, demonstrating a significant reduction of 40.52 per cent year-on-year.

IREDA’s loan book has grown by 26.81 per cent, from Rs 47,052.52 crores as of March 31, 2023, to Rs 59,698.11 crores as of March 31, 2024. The company has also achieved all-time high annual loan sanctions of Rs 37,353.68 crores and disbursements of Rs 25,089.04 crores in 2023-24, registering an increase of 14.63 per cent and 15.94 per cent over the previous year.

The net worth of the company has grown by 44.22 per cent to touch the Rs 8,559.43 crore mark as of March 31, 2024, as against Rs 5,935.17 crore for the year ending March 31, 2023.