IREDA Achieves Record Profit and Growth in FY 2023-24

New Delhi: Indian Renewable Energy Development Agency Ltd. (IREDA), the country’s leading green financing NBFC, has announced its outstanding financial performance for the fiscal year 2023-24, achieving remarkable milestones and setting new records.

IREDA reported an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crores, marking a significant growth of 44.83% compared to the previous fiscal year 2022-23. This achievement underscores the company’s robust financial health and its pivotal role in promoting renewable energy initiatives in India.

Furthermore, IREDA has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24, down from 1.66% in FY 2022-23, demonstrating a notable reduction of 40.52% year-on-year.

The company’s Loan Book witnessed a substantial growth of 26.81%, reaching Rs. 59,698.11 crores as on 31st March, 2024, compared to Rs. 47,052.52 crores in the previous year. Additionally, IREDA achieved record-high annual Loan Sanctions of Rs. 37,353.68 crores and Disbursements of Rs. 25,089.04 crores in FY 2023-24, registering impressive increases of 14.63% and 15.94% respectively, over the previous fiscal year.

IREDA’s net-worth also experienced significant growth, reaching Rs. 8,559.43 crores as on 31st March, 2024, reflecting a robust increase of 44.22% compared to the previous year.

The Board of Directors of IREDA lauded the company’s exceptional performance and sustained growth during a meeting held at the company’s Registered Office on April 19, 2024. Chairman & Managing Director of IREDA, Pradip Kumar Das, expressed satisfaction with the outstanding financial results and reiterated IREDA’s unwavering commitment to driving the adoption of renewable energy solutions in India.

CMD, IREDA attributed the company’s success to the trust and support of its stakeholders, while extending gratitude to the Ministry of New & Renewable Energy and Board of Directors for their invaluable support and guidance. He also acknowledged the dedication and efforts of Team IREDA, whose contribution was instrumental in achieving the remarkable financial performance.

Notably, IREDA has set a new standard by publishing its Annual Audited Financial Results within just 19 days, making it the fastest publication of Audited Results in the Banking and NBFC space, surpassing SEBI’s 60-day deadline.