Ireda posts all-time high net profit of Rs 865 cr in 2022-23 fiscal

State-owned Indian Renewable Energy Development Agency (IREDA) on Tuesday posted an all-time high net profit or profit after tax at Rs 865 crore in 2022-23 fiscal year on lower bad loans at 1.66 per cent.

IREDA, a renewable energy funding company, has reported an all-time high annual Profit After Tax (PAT) of Rs 865 crore and Profit Before Tax (PBT) of Rs 1,139 crore in the financial year 2022-23, a company statement said.

The figures represent a significant growth of 36 per cent and 37 per cent, respectively, over the preceding financial year 2021-22.

IREDA's Net Non-Performing Assets (NPAs) or bad loans have reduced to 1.66 per cent in FY23 from 3.12 per cent in FY22, a significant reduction of 47 per cent (in percentage terms) on year on year basis.

The Board of Directors of IREDA approved the audited financial results for the financial year 2022-23 in a meeting held on Tuesday while lauding the company's outstanding performance and continued growth.

The loan book of IREDA has grown from Rs 33,931 crore as on 31st March 2022 to Rs 47,076 crore as on 31st March 2023, registering a growth of 39 per cent.

The company has achieved an all-time high annual loan sanctions of Rs 32,587 crore and disbursements of Rs 21,639 crore in financial year 2022-23, registering an increase of 36 per cent and 35 per cent, respectively, over the FY22 loan sanctions of Rs 23,921 crore and disbursements of Rs 16,071 crore.

This marks the highest annual loan disbursement and sanction in the company's history, it stated.

The net worth of the company as on 31st March 2023 has reached Rs 5,935 crore, 13 per cent higher compared to Rs 5,268 crore a year ago.

Pradip Kumar Das, Chairman & Managing Director, IREDA, said that IREDA stands fully committed towards achieving the hon'ble prime minister's 'Panchamrita' targets and to be an integral part in achieving the 500 GW of non-fossil fuel-based installed capacity by 2030.