IREDA Q4 Results: Net profit jumps 33% to Rs 337 crore; PAT for FY24 at all-time high | 5 key takeaways

The Indian Renewable Energy Development Agency (IREDA), a state-owned listed entity, reported strong earnings for the fourth quarter of financial year 2023-24 (Q4 FY24). The company’s net profit came in at ₹337 crore, up 33% as compared to ₹253.61 crore clocked in the January-March period of the previous fiscal year.

For the entire FY24, IREDA’s profit after tax (PAT) surged to an all-time of ₹1,252.23 crore. This marked a growth of 44% as compared to the PAT of ₹864.62 crore recorded in FY23.

Here are five key points from IREDA Q4 results

• The company's total income surged to ₹1,391.63 crore in the fourth quarter of FY24 from ₹1,036.31 crore a year ago.

• Its expenses were ₹911.96 crore in the period under review against ₹747.93 crore in the year-ago period.

• As of March 31, the company's loan book grew 26.81% to ₹59,698.11 crore from ₹47,052.52 crore as of March 31, 2023.

• The loan sanction stood at ₹37,353.68 crore and disbursements at ₹25,089.04 crore in FY24, registering an increase of 14.63% and 15.94%, respectively. "This marks the highest annual loan disbursement and sanction in the company's history," IREDA said.

• The net worth of the company increased 44.22% to ₹8,559.43 crore as of March 31, 2024, against ₹5,935.17 crore a year ago.

What IREDA does

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.

With PTI inputs