Indian Renewable Energy Development Agency's profit jumps 67pc in Sept quarter

State-run Indian Renewable Energy Development Agency (IREDA) has posted a jump of 67.14 per cent to Rs 184.30 crore in the quarter ended September 2022, against 110.27 crore in the year-ago period.

The state-run agency said its gross income rose 15.90 per cent to Rs 791.56 crore, against Rs 682.94 crore in the corresponding quarter the previous year. Loan sanction grew 89.47 per cent to 11,226.49 crore, against Rs 5,925.12 crore in the year-ago period whereas loan book went up 17.07 per cent to Rs 33,783.36 crore, against Rs 28,856.48 crore in the corresponding quarter the previous year, according to a statement of the ministry of new and renewable energy.

Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA, highlighted, "IREDA has registered growth in quarterly PBT (profit before tax) and PAT (profit after tax) by 76.15 per cent and 67.14 per cent, respectively, and has also registered a significant reduction in gross and net NPAs, which is a big achievement for any NBFC (non-banking finance company)."

The CMD 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 also thanked R K Singh, Minister of Power, and New and Renewable Energy, and Bhagwanth Khuba, Minister of State, New and Renewable Energy, Chemicals & Fertilizers, for their continuous guidance and support.

Indian Renewable Energy Development Agency (IREDA) is formed in 1987 as a statutory and autonomous organisation under the government of India and administratively controlled by the ministry of new and renewable energy (MNRE). The organisation is formed for promoting, developing and extending financial assistance for setting up projects relating to new and renewable sources of energy and energy efficiency/conservation.

( With inputs from ANI )

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