IREDA Released Business Performance for FY 2024

On April 01, 2024, the Indian Renewable Energy Development Agency Ltd (IREDA) released its Business Performance for the Quarter / Year Ended 2023-24 (Provisional). In the exchange filing, the company stated that it has recorded the highest-ever loan sanctioned at ₹37,354 crore and loan disbursement at ₹25,089 crore during FY 2023-24. Loan Book stands at ₹59,650 crore, a record growth of 26.71% during the year ended March 31, 2023. The table below compares the company’s performance over different periods:

For the period ended 9M FY24, the company reported income from operations amounting to ₹3,573 crore against ₹2,446 crores of 9M FY23, reflecting growth of ~46%. In addition, the company posted a growth of ~44% in income from operations for Q3 FY2024 to ₹ 1,253 crores as compared to ₹ 869 crores in Q3 FY23. For the period ended 9M FY24, the profit after tax stood at ₹915 crores against ₹611 crores of 9M FY23, which shot up by 50%.

In the month of February 2024, Indian Renewable Energy Development Agency Ltd (IREDA) and Punjab National Bank (PNB) signed a Memorandum of Understanding (MoU) with an objective to strengthen renewable energy initiatives across the country. The agreement fuels the way for joint efforts in co-lending and loan syndication for a diverse spectrum of Renewable Energy projects.

The company is seeking to bolster investments in India’s renewable energy sector to expedite growth, with special attention being paid to ensuring project bankability. For this, the company is planning to establish a wholly owned subsidiary to meet the needs of the retail segments, subject to the approval of the Government of India.

About Indian Renewable Energy Development Agency Ltd

Indian Renewable Energy Development Agency (IREDA) is a Mini Ratna (Category – I) government enterprise. The company is engaged in promoting, developing, and extending financial assistance for new and renewable energy (RE) projects and energy efficiency and conservation (EEC) projects. On April 02, 2024, the share price of the company opened at ₹146.05 and touched the day high of ₹149.75 at 12:30 PM.

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