Surge in IREDA’s Net Profit Driven by Revenue Growth
The Indian Renewable Energy Development Agency (IREDA) announced a significant 30.25% surge in its net profit for the April-June 2024 quarter (Q1FY25) compared to the same period last year.
During Q1FY25, IREDA reported a net profit of Rs 383.69 crore, a notable increase from the Rs 294.58 crore recorded in Q1FY24. The company attributed this growth to higher revenues.
IREDA also improved its asset quality, with its net non-performing assets decreasing to 0.95% during the quarter under review from 1.61% in Q1FY24.
Key Highlights:
* Operating revenue rose to Rs 1,501.71 crore from Rs 1,143.50 crore in Q1FY24.
* Loan sanctions increased significantly to Rs 9,210.22 crore from Rs 1,892.45 crore in Q1FY24.
* Net worth strengthened to Rs 9,110.19 crore, a 44.83% increase from Rs 6,290.40 crore in the same period last year.
* IREDA set an industry benchmark by publishing its audited financial results within just 12 days.
According to Pradip Kumar Das, Chairman and MD of IREDA, the company’s strong performance reflects its commitment to promoting renewable energy in India.
