Indian Renewable Energy Development Agency (IREDA) announced its financial performance for the quarter ending on September 30, 2024, recording a net profit of ₹387.74 crore. This marks a notable 36% increase from the ₹284.73 crore reported in the same period last year. The net profit for this quarter also showed a slight improvement from the ₹383 crore posted in the previous quarter.
In Quarter 2 of Financial Year 2024-25, IREDA’s total income surged by 38.5% to ₹1,630 crore compared to ₹1,177 crore during the corresponding quarter in FY24. This growth is also reflected in the company’s revenue from operations for the June quarter, which stood at ₹1,510 crore.
A key highlight of IREDA’s financial results is the sharp rise in net interest income, which jumped by 52% year-on-year to ₹546.9 crore from ₹359.8 crore in Q2FY24. Net interest income represents the difference between income generated from lending and the interest paid to depositors.
On the asset quality front, IREDA’s Gross Non-Performing Assets (NPA) remained steady at 2.19%, while its Net NPA saw a slight increase, rising to 1.04% in Q2FY25 from 0.95% in the previous quarter. The company’s debt-equity ratio remained stable, standing at 5.85x, marginally up from 5.83x in the June quarter.
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For the first half of FY25 (H1FY25), IREDA posted a robust 33% increase in net profit, totaling ₹771.4 crore compared to ₹579.3 crore in H1FY24. Total income for the same period rose over 35% to ₹3,141 crore, up from ₹2,320 crore in the corresponding period last year.
Moreover, the company reported an impressive 303% rise in loan sanctions during the first half of FY25, approving loans worth ₹17,860 crore compared to ₹4,437 crore in the same period the previous year.
Following the announcement of the results, IREDA’s stock closed 1.12% higher, ending the day at ₹233.75.
