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

IREDA Incorporates Subsidiary In GIFT City, Gujarat

Indian Renewable Energy Development Agency Ltd. (IREDA) has reported a strong performance for the first quarter ended 30^th June 2024. 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 capitalisation 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.

Pradip Kumar Das, CMD, IREDA, commented on the achievement, “IREDA’s robust performance in the first quarter underscores our commitment to accelerating the deployment of renewable energy solutions in India. The substantial increase in loan sanctions and disbursements reflects our proactive approach in supporting projects that contribute to India’s renewable energy goals.”

IREDA Incorporates Subsidiary In GIFT City, Gujarat

Also Read

IREDA continues to play a pivotal role in financing renewable energy projects across various sectors, including solar, wind, hydro, biomass, waste to energy, ethanol, electric mobility and emerging technologies like Green Hydrogen and Offshore Wind, etc. IREDA’s loan book has grown at a compound annual growth rate (CAGR) of 33% in the last three years, with PAT increasing at a CAGR of around 41%. The company’s net worth stood at Rs.8,559 crore in FY24, boasting a robust Capital to Riskweighted Assets Ratio (CRAR) of 20.11%.