IREDA Reports All-Time High Quarterly PAT Of Rs. 295 Crores, Net NPAs Down To 1.61%
New Delhi, August 13 (TNA) Indian Renewable Energy Development Agency Ltd. (IREDA), a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy, has achieved a remarkable milestone with an all-time high Quarterly Profit After Tax (PAT) of Rs. 295 crores and Profit Before Tax (PBT) of Rs. 440 crores in the 1st Quarter of the fiscal year 2023-24.
This achievement marks a notable growth of 30% and 29% respectively, compared to the corresponding period of the previous financial year 2022-23. IREDA has also demonstrated a significant reduction in Net Non-Performing Assets (NPAs), bringing them down to 1.61% in Q1, FY 2023-24 from 2.92% in Q1, FY 2022-23, representing a remarkable 45% reduction (in percentage terms) on a year-on-year basis.
Commending the company's exceptional performance and consistent growth trajectory, the Board of Directors of IREDA, in a meeting held on Saturday, approved the Audited Financial Results for the 1st Quarter of the Financial Year 2023-24.
Over the previous year, IREDA's Loan Book has expanded from Rs. 32,679 crores as of 30th June, 2022, to Rs. 47,207 crores as of 30th June, 2023, showcasing a robust growth of 44%. During the 1st Quarter, the company achieved Loan Disbursement of Rs. 3,173 crores and a total Income from Operations of Rs. 1,143 crores, demonstrating a substantial increase of 272% and 45% respectively, compared to the corresponding quarter of the previous year, wherein Loan Disbursement was Rs. 852 crores and Total Income from Operations was Rs. 786 crores.