IREDA Hits Record Annual PAT of Rs 1,252 Cr in FY24; Q4 Profits Up by 33%

In a recent financial update, the Indian Renewable Energy Development Agency Ltd (IREDA), a prominent state-owned entity, reported a significant 33% increase in its net profit for the quarter ending March 2024. The net profit surged to Rs 337.37 crore from Rs 253.61 crore in the corresponding quarter of the previous fiscal year, as per the details shared in an exchange filing.

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The company's total income witnessed a substantial rise, reaching Rs 1,391.63 crore in the fourth quarter of FY24, up from Rs 1,036.31 crore in the same period last year. This increase in income contributed to the company's robust financial performance. However, it was also noted that expenses escalated to Rs 911.96 crore during this quarter, compared to Rs 747.93 crore in the year-ago period.

IREDA also highlighted its annual achievements, revealing an all-time high profit after tax (PAT) of Rs 1,252.23 crore for FY24. This marks a notable growth of 44.83% over the previous year's PAT of Rs 864.62 crore. The company attributed this success to its strategic financial management and operational efficiency.

The loan book of IREDA as of March 31, 2024, expanded by 26.81% to Rs 59,698.11 crore from Rs 47,052.52 crore on March 31, 2023. The fiscal year saw loan sanctions amounting to Rs 37,353.68 crore and disbursements totaling Rs 25,089.04 crore, registering increases of 14.63% and 15.94% respectively. These figures represent the highest annual loan disbursement and sanction in IREDA's history.

Furthermore, the net worth of IREDA experienced a significant boost of 44.22%, reaching Rs 8,559.43 crore as of March 31, 2024, up from Rs 5,935.17 crore a year earlier.

Operating under the Ministry of New and Renewable Energy, IREDA plays a crucial role as a non-banking financial institution focused on promoting and developing projects related to new and renewable sources of energy along with energy efficiency/conservation initiatives.

This financial performance underscores IREDA's pivotal role in supporting India's transition towards sustainable energy sources through strategic financial assistance and its contribution to the country's renewable energy sector's growth.