IREDA Reports All-Time High Annual Net Profit, NPAs below 1%, sets Benchmark with Fastest Results in Banking-NBFC Space

Indian Renewable Energy Development Agency Ltd. (IREDA), the nation’s largest pure-play green financing NBFC, has achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crores, marking an impressive growth of 44.83% over the previous fiscal year 2022-23. The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24, from 1.66% in FY 2022-23, demonstrating a significant reduction of 40.52% year-on-year.

The Loan Book of IREDA has grown by 26.81%, from Rs. 47,052.52 crores as on 31st March, 2023 to Rs. 59,698.11 crores as on 31st March, 2024. The company has achieved all-time high annual Loan Sanctions of Rs. 37,353.68 crores and Disbursements of Rs. 25,089.04 crores in Financial Year 2023-24, registering an increase of 14.63% and 15.94% respectively, over loan sanctions of Rs. 32,586.60 crores and disbursements of Rs. 21,639.21 crores in the previous year. This marks the highest annual loan disbursement and sanction in the history of the company.

The net-worth of the company has grown by 44.22%, having reached Rs. 8,559.43 crores as on 31st March, 2024 as against Rs. 5,935.17 crores for the year ending 31st March 2023.

On the occasion of announcement of the unprecedented audited financial results for the fiscal year 2023-24, the Board of Directors of IREDA commended the company’s exceptional performance and sustained growth at a meeting held at the company’s Registered Office on April 19, 2024.

The annual financial highlights for the FY 2023-24 as against FY 2022-23 are as follows:

  • Profit Before Tax: Rs. 1,685.24 crores as against Rs. 1,139.25 crores (up by 47.93%)
  • Profit After Tax: Rs. 1,252.23 crores as against Rs. 864.63 crores (up by 44.83%)
  • Loan Sanction: Rs. 37,353.68 crores as against 32,586.60 crores (up by 14.63%)
  • Loan Disbursement: Rs. 25,089.04 crores as against 21,639.21 crores (up by 15.94%)
  • Loan Book: Rs. 59,698.11 crores as against Rs. 47,052.52 crores (up by 26.81%)
  • Net worth: Rs. 8,559.43 crore as against Rs. 5,935.17 crores (up by 44.22%)
  • Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms)

Key financial highlights for Q4, FY 2023-24 compared to Q4, FY 2022-23 are as follows:

  • Profit Before Tax: Rs. 479.67 crores as against Rs. 288.38 crores (up by 66.33%)
  • Profit After Tax: Rs. 337.38 crores as against Rs. 253.62 crores (up by 33.03%)
  • Loan Sanction: Rs. 23,407.57 crores as against Rs. 11,796.95 crores (up by 98.42%)
  • Loan Disbursement: Rs. 12,869.35 crores as against 11,291.09 crores (up by 13.98%)
  • Loan Book: Rs. 59,698.11 crores as against Rs. 47,052.52 crores (up by 26.81%)
  • Net-worth: Rs. 8,559.43 crores as against Rs. 5,935.17 crores (up by 44.22%)
  • Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms)

Expressing happiness on the remarkable financial results, Chairman & Managing Director of IREDA Shri Pradip Kumar Das emphasized IREDA’s steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.

CMD, IREDA attributed the company’s growth to the unwavering trust and support of its stakeholders, while extending gratitude to the Ministry of New & Renewable Energy and Board of Directors for their indispensable support and guidance. He also commended Team IREDA for their dedication and persistent efforts, which significantly contributed to the outstanding financial performance.

Notably, IREDA has set a new benchmark by publishing its Annual Audited Financial Results within just 19 days, the fastest publication of Audited Results in the Banking and NBFC space, surpassing SEBI’s 60-day deadline. This achievement follows last year’s record of publishing the results within 25 days.

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