H1: IREDA Loan Sanctions Rise 303%, Disbursements Grows 56%

By Saur News Bureau/ Updated On Tue, Oct 1st, 2024

Highlights :

IREDA’s loan disbursements also showed significant growth, increasing by 56% to Rs. 9,787 crore, compared to Rs. 6,273 crore on September 30, 2023.
The outstanding loan book reached Rs. 64,500 crore, marking a 36% increase from Rs. 47,514 crore in the previous year.

IREDA

Indian Renewable Energy Development Agency Limited (IREDA),has reported a 303% growth in loan sanctions, rising to Rs. 17,860 crore in the first half of FY 2024-25, compared to Rs. 4,437 crore during the same period in FY 2023-24. These are provisional figures as of September 30, 2024.

IREDA’s loan disbursements also showed significant growth, increasing by 56% to Rs. 9,787 crore, compared to Rs. 6,273 crore on September 30, 2023. Additionally, the loan book outstanding reached Rs. 64,500 crore, marking a 36% increase from Rs. 47,514 crore in the previous year.

Commenting on the performance, Pradip Kumar Das, Chief Managing Director (CMD) of IREDA, said, “IREDA’s strong financial results highlight the increasing demand for clean energy financing and our dedication to supporting the green energy transition.”

IREDA To Raise Rs 4,500 Crore Via QIP

Loan Sanctions Up 383%, Disbursements 68% For IREDA In Q1 2024-25

For the first quarter ended 30th June 2024, IREDA (Indian Renewable Energy Development Agency Ltd.) reported a strong performance. According to provisional figures, subject to audit, the company recorded substantial increases in loan sanctions, disbursements, and its loan book. The renewables-focused firm, which has also been the preferred nodal agency for many key government schemes targeted at the sector, was listed last year and has enjoyed a stellar run since, with a current market capitalization of almost Rs 520 billion currently.

During the first quarter of FY 2024-25, IREDA sanctioned loans amounting to Rs. 9,136 crore, reflecting a significant growth of 382.62% compared to Rs. 1,893 crore in the corresponding quarter of the previous fiscal year. Disbursements during the same period stood at Rs. 5,320 crore, marking an increase of 67.61% year-on-year compared to Rs. 3,174 crore in the first quarter of FY 2023-24. The total loan book outstanding as of 30^th June 2024, reached Rs. 63,150 crore, representing a notable growth of 33.77% from Rs. 47,207 crore in the previous year.

The firm recently took board approval for a QIP of Rs 2500 crore, capitalising on the unprecedented valuations it has enjoyed since it’s IPO, despite being a public sector firm.