IREDA Reports Stellar Growth (Image Source: iStockphoto)
Indian Renewable Energy Development Agency Ltd. (IREDA), the nation’s foremost green financing non-banking financial corporation (NBFC), announced its audited financial outcomes for the fiscal year 2023-24.
IREDA has attained an unprecedented annual Profit After Tax (PAT) of Rs. 1252.23 crore, showcasing a remarkable surge of 44.83 per cent compared to the preceding fiscal year 2022-23. The company has efficiently curtailed its Net Non-Performing Assets (NPAs) to 0.99 per cent in FY 2023-24 from 1.66 per cent in FY 2022-23, marking a substantial 40.52 per cent decline year-on-year.
In FY 2023-24, the Profit Before Tax surged to Rs. 1,685.24 crore, marking a notable increase of 47.93 per cent compared to the previous fiscal year’s figure of Rs. 1,139.25 crore.
The Board of Directors of IREDA lauded the company’s exceptional performance and sustained expansion during a convened meeting held today at the Registered Office, where they endorsed the Audited Financial Results for FY 2023-24.
IREDA’s Loan Book has surged from Rs. 47,052.52 crores as of 31st March 2023 to Rs. 59,698.11 crores as of 31st March 2024, registering a robust growth of 26.81 per cent. The corporation has achieved an all-time high annual Loan Sanctions of Rs. 37,353.68 crore and Disbursements of Rs. 25,089.04 crore in Financial Year 2023-24, demonstrating an uptick of 14.63 per cent and 15.94 per cent, respectively, over previous financial year figures.
Moreover, the net-worth of the company as of 31st March 2024 has soared to Rs. 8,559.43 crore from Rs. 5,935.17 crore, a substantial increase of 44.22 per cent over the preceding fiscal year ending 31st March 2023.
