IREDA Q1 Results: 32% Revenue Growth, 30% Net Profit Jump

Indian Renewable Energy Development Agency Ltd. (IREDA) announced its audited financial results for the first quarter of fiscal year 2024-25 today. As the largest Pure-Play Green Financing NBFC in the country, IREDA achieved a new industry standard by publishing its Audited Financial Results within only 12 days.

IREDA has achieved Profit After Tax of Rs. 383.69 crore, marking an impressive year-on-year growth of 30.25%. The company has successfully reduced its Net Non-Performing Assets to 0.95% in the first quarter of FY 2024-25 from 1.61% in the same quarter of FY 2023-24.

During a meeting held today in Bhubaneswar, Odisha, the Board of Directors of IREDA approved  the Audited Financial Results for the first quarter of FY 2024-25. The company’s net worth as of 30th June 2024 has reached Rs. 9,110.19 crore, up from Rs. 6,290.40 crore, reflecting a YoY growth of 44.83%.

Key financial highlights for Q1, FY 2024-25 compared to Q1, FY 2023-24 are as follows: 

• Profit After Tax: 383.69 crore as against Rs. 294.58 crore (up by 30.25%)
• Revenue from Operations: 1,510.71 crore as against Rs. 1,143.50 crore (up by 32.11%)
• Loan Sanction: 9,210.22 as against 1,892.45 crore (up by 386.68%)
• Loan Disbursement: 5,325.88 crore as against 3,173.27 crore (up by 67.84%)
• Loan Book: 63,206.78 crore as against Rs. 47,206.66 crore (up by 33.89%)
• Net-worth: 9,110.19 crore as against Rs. 6,290.40 crores (up by 44.83%)
• Net NPAs:95% as against 1.61% (reduction by 41.01% in percentage terms)

Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the remarkable financial results. He emphasized IREDA’s steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.

IREDA has been on a terrific growth streak ever since its listing on the stock markets, and looks set to maintain the tempo through the next few quarters as well. As the nodal or partner agency for key government led initiatives  as well, the firm is considered a key player in India’s push for renewable energy.