IREDA Profit Jumps 67% In September Quarter

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The Indian Renewable Energy Development Agency (IREDA), a government undertaking that comes under the Ministry of New & Renewable Energy (MNRE), has announced its audited financial results for the second quarter that ended September 30, 2022 and has held that its profits have soared well above 67 per cent in the said financial quarter.

IREDA was conferred the”Mini Ratna” (Category -I) status by the MNRE in 2015.

IREDA said that it has posted Profit Before Tax (PBT) of Rs. 276.31 crore, which is 76.15% higher compared to Rs. 156.86 crore in the second quarter of the previous financial year.  The official statement held that the Net Non-Performing Assets (NPAs) of IREDA have been reduced to 2.72% in the second quarter of FY 2022-23 from 4.87% in second quarter of FY 2021-22. It’s a significant reduction of 44% YoY.

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IREDA informed that the Profit After Tax this quarter has been ₹184.30 crore as against ₹110.27 crore which is up by 67.14%. The Gross Income of the government company also stood at Rs 791.56 crore as against ₹682.94 crore which is an increase of 15.90%.

IREDA also said that its net worth now stands Rs 5,638 crore as against Rs 3,333 crore in the corresponding quarter of the previous financial year.

Pradip Kumar Das, Chairman & Managing Director, IREDA, said, “IREDA has registered growth in quarterly PBT and PAT by 76.15% and 67.14% respectively, and  has also registered a significant reduction in gross and net NPAs, which is a big achievement for any NBFC. IREDA is also the implementing agency for the government’s solar PLI scheme.

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Recently, IREDA signed a MoU with the Bank of India (BoI) to facilitate co-lending, co-origination, and loan syndication for renewable energy projects that will also include ethanol and small hydro. In addition, both organisations will attempt to lock in interest rates for IREDA borrowings for a period of three to four years.