IREDA posts 36% YoY growth in loan sanctions at Rs 32,586 cr: CMD PK Das

State-owned IREDA has reported over 36 per cent year-on-year growth in loan sanction at Rs 32,586.60 crore in FY23, its CMD Pradip Kumar Das said.

The company has also posted a 34.65 per cent year-on-year rise in loan disbursement at Rs 21,639.21 crore during FY23, Das said in his address to the company's shareholders.

Speaking at the company's 36th annual general meeting (AGM), he informed that "loan sanction was at 32,586.60 crore, up 36.23 per cent increase compared to FY22, (and) loan disbursement was at 21,639.21 crore, a 34.65 per cent growth compared to FY 22".

The company's loan book stood at Rs 47,076 crore, higher than 38.75 per cent in FY22.

It has also reported a profit before tax (PBT) of Rs 1,139.25 crore and profit after tax (PAT) of Rs 864.63 crore, respectively, in the last fiscal.

Its net worth rose 12.66 per cent to Rs 5,935.17 crore in FY23, the CMD said.

"IREDA actively engages in partnerships with green energy developers to recognise their evolving requirements for financial products. The company aims to raise awareness of new products and has already launched financing solutions for emerging areas, such as e-mobility, green hydrogen and green transmission," Das said.

Indian Renewable Energy Development Agency Limited (IREDA), under the Ministry of New and Renewable Energy (MNRE), is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.