IREDA board okays enhancing borrowing limit by ₹5,000 crore for FY25; check details

State-owned Indian Renewable Energy Development Agency Limited (IREDA) on Monday, March 17, said that its board of directors has approved enhancement of the borrowing programme for FY25 by ₹5,000 crore.

In an exchange filing, the company said that the fundraise will be done via “taxable bonds/subordinated Tier-II bonds/perpetual debt instruments (PDI)/term loans from banks and FIs/lines of credit from international agencies (multilateral and bilateral agencies)/external commercial borrowings (ECB)/short-term loans & WCDL from banks.”

The company also said that the borrowing limit for FY 2024-25 has been increased to ₹29,200 crore from the previous ₹24,200 crore.

The Indian Renewable Energy Development Agency had entered the Futures & Options (F&O) segment for the March series last month.

For the October-December quarters, IREDA’s revenue from operations jumped 36% year-on-year (YoY) to ₹1,698 crore, while net profit for the quarter also increased 27% YoY to ₹426 crore.

On the operational front, the company’s operating income jumped 51% YoY to ₹652 crore for Q3FY25 as compared to ₹432 crore in Q3FY24. Its interest income jumped 36% year-on-year to ₹1,698 crore.

IREDA’s net NPA also improved from 1.52% in Q3FY24 to 1.50% in Q3FY25.

The company had reported a 41% growth in loan disbursement to ₹17,236 crore in the third quarter of the financial year 2024-25.

IREDA sanctioned loans worth ₹31,087 crore in Q3 FY25, reflecting a stellar 129% year-on-year (YoY) surge compared to ₹13,558 crore in the same period of the previous fiscal year.

Loan disbursements also grew significantly, jumping by 41% YoY to ₹17,236 crore in the latest third quarter against ₹12,220 crore in the year-ago period.