IREDA Q1: Net Profit Soars Over 30 Per Cent Driven By Rising Revenues

The firm also improved its asset quality as its net non-performing assets reduced to 0.95 per cent during the quarter under review, as compared to 1.61 per cent in the first quarter of FY24

By : ABP News Bureau | Updated at : 13 Jul 2024 03:26 PM (IST)

IREDA Q1: Net Profit Soars Over 30 Per Cent Driven By Rising Revenues IREDA Q1: Net Profit Soars Over 30 Per Cent Driven By Rising Revenues

As of June end 2024, the firm’s net worth stood at Rs 9,110.19 crore, gaining 44.83 per cent from Rs 6,290.40 crore logged in the same period a year earlier. (Image Source: IREDA Facebook)

Source : facebook

The Indian Renewable Energy Development Agency (IREDA) reported on Friday a surge of over 30 per cent in its net profit for the April-June quarter driven by higher revenues. The company announced its quarterly results for the current 2024-25 fiscal year (FY25) and revealed that its net profit soared to Rs 383.69 crore during the first quarter of the fiscal, against Rs 294.58 crore logged in the corresponding quarter ended June 2023 during the previous fiscal year.

The public firm issued a statement and said that it clocked a 30.25 per cent jump in its profit after tax in Q1YF25, on a year-on-year (YoY) basis. The firm also improved its asset quality as its net non-performing assets reduced to 0.95 per cent during the quarter under review, as compared to 1.61 per cent in the first quarter of the 2023-24 fiscal year (FY24).

The company noted that it managed to achieve a new industry standard by publishing its audited financial results within a period of only 12 days. “This milestone also marks Ireda as the first central public sector enterprise (CPSE) to promptly declare results and achieve the fastest publication of audited results in the banking and NBFC space,” the firm noted.

As of June end 2024, the firm’s net worth stood at Rs 9,110.19 crore, gaining 44.83 per cent from Rs 6,290.40 crore logged in the same period a year earlier.

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Elaborating on the performance, Pradip Kumar Das, Chairman and MD, IREDA, said, “IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India indicates a promising trajectory for investors and stakeholders.”

The revenue from operations of the firm climbed to Rs 1,501.71 crore in the reporting period, against Rs 1,143.50 crore clocked in the corresponding quarter last year. The loan sanction also increased to Rs 9,210.22 crore in Q1FY25, against Rs 1,892.45 crore in Q1FY24.