IREDA Q3 FY24 PAT jumps 67% at Rs. 335.54 Cr
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IREDA Q3 FY24 PAT jumps 67% at Rs. 335.54 Cr

This outstanding performance is attributed to consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets

  • By ICN Bureau | January 22, 2024

Indian Renewable Energy Development Agency Ltd. (IREDA) announced its audited financial results for the third quarter of the fiscal year 2023-24. The company reported a remarkable 67% increase, reaching a Profit After Tax (PAT) of Rs. 335.54 crores for the quarter. This outstanding performance is attributed to consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.03% to 1.52% year-on-year.

Key financial highlights for Q3, FY 2023-24 compared to Q3, FY 2022-23 are as follows:

• Profit After Tax: Rs.  335.54 crores as against Rs. 200.75 crores (up by 67.15%)

• Revenue from Operations: Rs.  1,253.20 crores as against Rs.  868.98 crores (up by 44.21%)

• Loan Book: Rs.  50,579.67 crores as against Rs.  37,887.69 crores (up by 33.50%)

• Net-worth: Rs.  8,134.56 crores as against Rs.  5,591 crores (up by 45.49%)

• Net NPAs: 1.52% as against 2.03% (reduction by 25% in percentage terms)

• Gross NPAs: 2.90% as against 4.24% (reduction by 31.70% in percentage terms)

Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the exceptional financial results following the company's listing. He said, "IREDA is unwavering in its commitment to expedite the adoption of renewable energy solutions in the country. For investors and stakeholders, these results signal the promising trajectory of IREDA's contributions to India's energy transition and environmental sustainability. These encouraging financial outcomes underscore IREDA's steadfast dedication to fostering the expansion of the renewable energy sector in India.


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