IREDA said its bottom line was aided by growth in the loan book and a significant reduction in net non-performing assets (NPAs) from 2.03 per cent to 1.52 per cent year-on-year. 
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IREDA said its bottom line was aided by growth in the loan book and a significant reduction in net non-performing assets (NPAs) from 2.03 per cent to 1.52 per cent year-on-year. Indian Renewable Energy Development Agency Ltd (IREDA) on Saturday in its maiden results said its net profit jumped 67 per cent to Rs 335.54 crore for the December quarter, led by growth in the loan book and a significant reduction in net non-performing assets (NPAs) from 2.03 per cent to 1.52 per cent year-on-year.
Revenue from operations for the quarter rose 44.21 per cent to Rs 1,253.20 crore compared with Rs 868.98 crore in the same quarter last year. IREDA said its loan book stood at Rs 50,579.67 crore against Rs 37,887.69 crore YoY, up 33.50 per cent.
Shares of IREDA were locked at upper circuit limit of 10 per cent at Rs 148.90 on BSE. At this price, the stock was up 365 per cent over its IPO issue price of Rs 32. IREDA had seen a solid response to its IPO last year. On November 29, 2023, its shares had got listed on NSE and BSE at about 56 premium over over the IPO issue price.
IREDA said its net-worth for the December quarter was up 45.49 per cent at Rs 8,134.56 crore against Rs 5,591 crore YoY. IREDA said its gross non-performing assets (NPAs) for the quarter stood at 2.90 per cent against 4.24 per cent. Net NPAs stood at 1.52 per cent against 2.03 per cent YoY.
Chairman & Managing Director Shri Pradip Kumar Das said: "IREDA is unwavering in its commitment to expedite the adoption of renewable energy solutions in the country. For investors and stakeholders, these results signal the promising trajectory of IREDA's contributions to India's energy transition and environmental sustainability. These encouraging financial outcomes underscore IREDA's steadfast dedication to fostering the expansion of the renewable energy sector in India."
IREDA is is a state-run company established as a non-banking financial institution in 1987. It is engaged in promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency.
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