Q2 Results: IREDA Reports 36% Jump In Net Profits

Q2 Results: IREDA Reports 36% Jump In Net Profits

The Indian Renewable Energy Development Agency Limited (IREDA) has announced its financial results for the second quarter (Q2) of FY25, showing growth in both revenue and net profits on a quarterly and annual basis.

The company reported total revenue of Rs 1,629.54 crore in Q2 FY25, compared to Rs 1,510.27 crore in Q1 FY25 and Rs 1,176.95 crore in Q2 FY24. This represents a 38% year-over-year (YoY) growth and a 7.8% increase on a quarter-over-quarter (QoQ) basis.

In terms of net profit (Profit After Tax – PAT), IREDA recorded Rs 387.74 crore in Q2 FY25, up from Rs 383.69 crore in Q1 FY25 and Rs 284.73 crore in Q2 FY24, reflecting a 36% YoY growth and a 1% QoQ increase.

Key Financial Highlights for Q2 FY 2024-25 vs Q2 FY 2023-24:

• Profit After Tax: Rs 387.75 crore, up from Rs 284.73 crore (36.18% increase)
• Revenue from Operations: Rs 1,630.38 crore, up from Rs 1,176.96 crore (38.52% increase)
• Loan Sanctions: Rs 8,723.78 crore, up from Rs 2,852.05 crore (205.88% increase)
• Loan Disbursements: Rs 4,461.87 crore, up from Rs 3,099.98 crore (43.93% increase)
• Loan Book: Rs 64,564.36 crore, up from Rs 47,514.48 crore (35.88% increase)
• Net NPAs: Reduced to 1.04% from 1.65% (36.79% reduction)

Pradip Kumar Das, Chairman & Managing Director of IREDA, stated, “IREDA’s Q2 results reflect our unwavering dedication to advancing India’s renewable energy goals. Our substantial growth in loan sanctions and disbursements underscores our commitment to supporting green projects across the nation.”

Govt. Approves IREDA’s Retail Subsidiary

In another development, Indian Renewable Energy Development Agency Limited (IREDA) today received in-principle approval from the Department of Investment and Public Asset Management (DIPAM), to establish a wholly-owned retail subsidiary for handling the retail business under PM-Suryaghar (Rooftop Solar), PM-KUSUM schemes and B2C segments in RE and Emerging RE sector including EVs, Energy Storage, Green Technologies, Sustainability, Energy Efficiency, etc.

“This new retail subsidiary marks a significant milestone in our journey towards fostering sustainable energy solutions at the grassroots level. By extending our expertise in renewable energy finance to the retail market, we will provide innovative financing options for both urban and rural consumers, promoting sustainable practices and reducing carbon footprints,” Pradip Kumar Das, Chairman & Managing Director, IREDA, stated.