IREDA Reports All-Time High Annual Net Profit of Rs. 1,252 Crore, NPAs Below 1%
Indian Renewable Energy Development Agency Ltd. (IREDA), the nation's largest pure-play green financing NBFC, announced its unprecedented audited financial results for the fiscal year 2023-24.
New Delhi: IREDA has achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crore, marking an impressive growth of 44.83% over the previous fiscal year 2022-23. The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24 from 1.66% in FY 2022-23, demonstrating a significant reduction of 40.52% year-on-year.
The Board of Directors of IREDA commended the company's exceptional performance and sustained growth during a meeting held today at the Registered Office, where they approved the Audited Financial Results for FY 2023-24. The Loan Book of IREDA has grown from Rs. 47,052.52 crores as of 31st March 2023 to Rs. 59,698.11 crores as of 31st March 2024 (registering a growth of 26.81%).
The company has achieved all-time high annual Loan Sanctions of Rs. 37,353.68 crore and Disbursements of Rs. 25,089.04 crores in Financial Year 2023-24, registering an increase of 14.63% and 15.94% respectively, over the previous financial year loan sanctions of Rs. 32,586.60 crore and disbursements of Rs. 21,639.21 crores.
Read Also : IndusInd Bank Q1 FY25 results, net profit at 2% YoYThis marks the highest annual loan disbursement and sanction in the company's history. The net worth of the company as of 31st March 2024 has reached Rs. 8,559.43 crore as against Rs. 5,935.17 crore, year ending 31st March 2023 (increased by 44.22%). The annual financial highlights for FY 2023-24 as against FY 2022-23 are as follows:
• Profit Before Tax: Rs. 1,685.24 crore as against Rs. 1,139.25 crore (up by 47.93%)
• Profit After Tax: Rs. 1,252.23 crore as against Rs. 864.63 crore (up by 44.83%)
• Loan Sanction: Rs. 37,353.68 crore as against 32,586.60 crore (up by 14.63%) • Loan Disbursement: Rs. 25,089.04 crore as against 21,639.21 crore (up by 15.94%)
• Loan Book: Rs. 59,698.11 crore as against Rs. 47,052.52 crore (up by 26.81%)
• Net-worth: Rs. 8,559.43 crore as against Rs. 5,935.17 crores (up by 44.22%)
• Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms)
Read Also : RBI issues guidelines on higher liquidity coverage ratio for retail depositsNotably, IREDA has set a new benchmark by publishing its Annual Audited Financial Results within just 19 days, fastest publication of Audited Results in the Banking and NBFC space, surpassing SEBI’s 60 Days Deadline.
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