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IREDA's Financial Highlights
IREDA, India's leading green financing NBFC, achieved a record-breaking annual Profit After Tax (PAT) of Rs. 1252.23 crores, soaring by 44.83% from the previous fiscal year. Impressively, the company slashed its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24, down by a significant 40.52% year-on-year. Additionally, IREDA witnessed substantial growth in its Loan Book by 26.81%, with Loan Sanctions and Disbursements hitting all-time highs. The company's net-worth surged by 44.22%, underscoring its financial prowess. |
IREDA's Financial Results: Record Profits and Loan Growth Lead the Way
Indian Renewable Energy Development Agency (IREDA), under the Ministry of New and Renewable Energy, the nation's largest pure-play green financing NBFC, achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crores, marking an impressive growth of 44.83% over the previous fiscal year 2022-23. The company 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.
IREDA Sets New Standards: Records Skyrocketing Growth and Lowest NPAs
In FY 2023-24, IREDA's Loan Book grew by 26.81%, from Rs. 47,052.52 crores as on 31st March 2023 to Rs. 59,698.11 crores as on 31st March 2024. The company achieved all-time high annual Loan Sanctions of Rs. 37,353.68 crores and Disbursements of Rs. 25,089.04 crores, registering increases of 14.63% and 15.94% respectively, over the previous year's loan sanctions of Rs. 32,586.60 crores and disbursements of Rs. 21,639.21 crores.
The net-worth of the company grew by 44.22%, reaching Rs. 8,559.43 crores as on 31st March 2024 compared to Rs. 5,935.17 crores for the year ending 31st March 2023.
On the occasion of announcing the unprecedented audited financial results for the fiscal year 2023-24, the Board of Directors of IREDA commended the company's exceptional performance and sustained growth at a meeting held at the company’s Registered Office on April 19, 2024.
IREDA Dominates Green Financing Sector: Reports Stellar Financial Performance
Expressing happiness about the remarkable financial results, Chairman & Managing Director of IREDA Shri Pradip Kumar Das emphasized IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.
CMD, IREDA 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 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.
Notably, IREDA 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.
Disclaimer: This news has been produced from a Press Information Bureau (PIB) release. TICE has only rewritten it for better readability without altering any facts.