IREDA reports Q1 net profit of Rs 295 cr, loan book grows to Rs 47,207 cr

State-owned Indian Renewable Energy Development Agency (IREDA) has posted a profit after tax (PAT) of Rs 295 crore for the June quarter on account healthy loan book.

In a statement on Saturday, IREDA said it has "reported loan disbursement of Rs 3,173 crore with a growth of 272 per cent, all-time high quarterly PAT of Rs 295 crore, up 30 per cent. Loan book surged 44 per cent to Rs 47,207 crore as of June 30, 2023, showcasing a robust growth of 44 per cent."

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.

Its PAT in the June quarter of 2022-23 was Rs 226 crore. Its loan book was Rs 32,679 crore and loan disbursements were Rs 852 crore, the company said.

Its total income from operations was at Rs 1,143 crore, up 45 per cent as against Rs 786 crore in the year-ago quarter.

IREDA has also posted a significant reduction in net non-performing assets (NPAs) to 1.61 per cent from 2.92 per cent in Q1 FY23. The net worth of the company increased by 14 per cent to Rs 6,290 crore as against Rs 5,514 crore in April-June FY23.