IREDA logs 67% growth in Q2 net profit

The company had recorded a PAT of ₹110 crore in the same quarter last financial year (2021-22).

“The company has posted Profit Before Tax (PBT) of ₹ 276.31 crore, which is 76.15% higher compared to ₹156.86 crore in the Q2 of the previous financial year,” the Ministry of New and Renewable Energy said in a statement.

“IREDA’s net non-performing assets (NPAs) have been reduced to 2.72% in Q2, FY 2022-23 from 4.87% in Q2, FY 2021-22, a significant reduction of 44% YoY,” it said.

The PSU sanctioned loans worth ₹11,226 crore in the quarter ended September 2022, up 89% over sanctioned loans of ₹5,925 crore in the same quarter last fiscal.

“IREDA has registered growth in quarterly PBT and PAT by 76.15% and 67.14% respectively, and has also registered a significant reduction in gross and net NPAs, which is a big achievement for any NBFC,” said Pradip Kumar Das, chairman & managing director (CMD), IREDA.

CMD, IREDA highlighted that this would not have been possible without the contribution of Team IREDA. He thanked all employees for their consistent hard work and support.

He conveyed his sincere gratitude to R. K. Singh, union minister of power and new & renewable energy, and Bhagwanth Khuba, minister of state, new & renewable energy, chemicals & fertilizers, for their continuous guidance and support.

Das also conveyed his gratitude for the abiding support received from the secretary and other officials of MNRE and the board of directors.