IREDA Q2FY25 results: Net profit grows 36% to Rs 388 crores

New Delhi: State-owned IREDA has reported a 36 percent rise in its profit after tax to Rs 387.75 crore in the September quarter on higher revenues. The company had posted a profit after tax (PAT) of Rs 284.73 crore in the July-September period of the preceding 2023-24 fiscal, it said in an exchange filing.

The total revenue from operations rose 38.52 percent year-on-year to Rs 1,630.38 crore from Rs 1,176.96 crore. The company’s loan book increased by 35.88 percent to Rs 64,564.36 crore from Rs 47,514.48 crore in the same quarter a year.

Loan sanctions jumped four-fold to Rs 8,723.78 crore against Rs 2,852.05 crore in the second fiscal quarter. The company disbursed Rs 4,461.87 crore worth of loans, up 43.93 percent from Rs 3,099.98 crore in the year-ago quarter.

IREDA CMD Pradip Kumar Das said, "Q2 results reflect our unwavering dedication to advancing India's renewable energy goals. The substantial growth in loan sanctions and disbursements underscores the company's commitment to supporting green projects nationwide".

Indian Renewable Energy Development Agency, 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 relating to new and renewable sources of energy and energy efficiency/conservation.