State-owned IREDA Q3 profit zooms 67% to INR 335 crore; loan book at INR 50k cr

Source : PTI | State-owned IREDA on Saturday posted a 67 % rise in net profit to INR 335.54 crore for the quarter ended in December 2023, bolstered by higher income. It had clocked INR 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

The company’s total income surged to INR 1,253.19 crore in the third quarter of FY24 from INR 868.97 crore a year ago.

Its expenses were INR 867.05 crore in the period under review, as against INR 634.27 crore in the year-ago period.

The equity shares of the company were listed on BSE and National Stock Exchange on November 29, 2023.

In a separate statement, IREDA CMD Pradip Kumar Das said, “For investors and stakeholders, these results signal the promising trajectory of IREDA’s contributions to India’s energy transition and environmental sustainability.”

The company’s loan book was at INR 50,579.67 crore, up 33.50 % from INR 37,887.69 crore in the same quarter a year ago.

IREDA’s net-worth also rose by 45.49 % to INR 8,134.56 crore from INR 5,591 crore in the year-ago period.

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