📷 Image Credits: The Economic Times
IREDA, the state-run NBFC, has showcased an impressive performance in the first quarter of the financial year 2024-25. The company reported a significant increase in loan sanctions, soaring by 387% to Rs 9,210 crore compared to Rs 1,892 crore in the same period last year. Moreover, loan disbursements also witnessed a remarkable rise of 68%, reaching Rs 5,326 crore compared to Rs 3,173 crore in the previous year.
This substantial growth in loan sanctions and disbursements contributed to the company’s stellar financial results. IREDA reported a net profit of Rs 383.69 crore for the April-June 2024 period, marking an impressive year-on-year growth of 30.25%. Additionally, the revenue from operations surged to Rs 1,501.71 crore in the quarter under review, showing a significant increase from Rs 1,143.50 crore in the year-ago period.
The company’s net worth as of June 30, 2024, reached Rs 9,110.19 crore, reflecting a robust year-on-year growth of 44.83%. IREDA also managed to reduce its net non-performing assets to 0.95% in the first quarter of FY 2024-25 from 1.61% in the same quarter of FY 2023-24, showcasing efficient financial management.
During a recent meeting in Bhubaneswar, the Board of Directors of IREDA applauded the company’s exceptional performance and sustained growth, approving the audited financial results for the first quarter of the fiscal year 2024-25. IREDA Chairman and Managing Director, Pradip Kumar Das, expressed optimism about the company’s commitment to accelerating the adoption of renewable energy solutions in India.
Overall, IREDA’s remarkable performance in Q1 2024 signifies a promising trajectory for investors and stakeholders. The company’s focus on green financing and renewable energy solutions has not only contributed to its financial success but also reaffirmed its position as a key player in the NBFC sector in India.
