Indian Renewable Energy Development Agency Ltd. (IREDA), the country’s largest pure-play green financing NBFC, has announced its all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crores for the fiscal year 2023-24, marking a remarkable growth of 44.83% over the previous fiscal year 2022-23. The company has also successfully reduced its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24, from 1.66% in FY 2022-23, indicating a significant reduction of 40.52% year-on-year.
Impressive Growth and Expansion
IREDA’s Loan Book has witnessed substantial growth by 26.81%, reaching Rs. 59,698.11 crores as on 31st March, 2024, from Rs. 47,052.52 crores in the previous fiscal year. Moreover, the company achieved an all-time high annual Loan Sanctions of Rs. 37,353.68 crores and Disbursements of Rs. 25,089.04 crores in FY 2023-24, marking an increase of 14.63% and 15.94% respectively over the previous year’s loan sanctions and disbursements. These figures represent the highest annual loan disbursement and sanction in the history of the company.
Additionally, the net-worth of the company has surged by 44.22%, reaching Rs. 8,559.43 crores as on 31st March, 2024, compared to Rs. 5,935.17 crores in the previous fiscal year.
Recognition and Appreciation
Commending the exceptional performance and sustained growth of IREDA, the Board of Directors lauded the company’s achievements at a meeting held at the Registered Office on April 19, 2024. The Chairman & Managing Director of IREDA, Shri Pradip Kumar Das, expressed his happiness over the remarkable financial results and emphasized the company’s commitment to accelerating the adoption of renewable energy solutions in India.
Shri Pradip Kumar Das attributed the company’s growth to the unwavering trust and support of its stakeholders, while extending gratitude to the Ministry of New & Renewable Energy and the Board of Directors for their indispensable support and guidance. He also commended Team IREDA for their dedication and persistent efforts, which significantly contributed to the outstanding financial performance.
Setting New Standards
IREDA has set a new benchmark by publishing its Annual Audited Financial Results within just 19 days, the fastest publication of Audited Results in the Banking and NBFC space, surpassing SEBI’s 60-day deadline. This achievement follows last year’s record of publishing the results within 25 days.
The remarkable financial performance of IREDA in FY 2023-24 underscores its pivotal role in advancing renewable energy financing in India and signifies a promising trajectory for investors and stakeholders alike.
