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IREDA Q3 Results: Net profit zooms 67% to Rs 335 crore – EQ

IREDA Q3 Results: Net profit zooms 67% to Rs 335 crore – EQ


In Short : IREDA’s Q3 results reveal a remarkable performance, with a substantial 67% surge in net profit, reaching Rs 335 crore. This significant increase underscores the positive financial trajectory and efficiency of the company during the reported quarter.

In Detail : New Delhi, State-owned IREDA on Saturday posted a 67 per cent rise in net profit to Rs 335.54 crore for the quarter ended in December 2023, bolstered by higher income. It had clocked Rs 200.75 crore net profit during the October-December period of the preceding 2022-23 fiscal, the company said in an exchange filing.

The company’s total income surged to Rs 1,253.19 crore in the third quarter of FY24 from Rs 868.97 crore a year ago.

Its expenses were Rs 867.05 crore in the period under review, as against Rs 634.27 crore in the year-ago period.

The equity shares of the company were listed on BSE and National Stock Exchange on November 29, 2023.

In a separate statement, IREDA CMD Pradip Kumar Das said, “For investors and stakeholders, these results signal the promising trajectory of IREDA’s contributions to India’s energy transition and environmental sustainability.”

The company’s loan book was at Rs 50,579.67 crore, up 33.50 per cent from Rs 37,887.69 crore in the same quarter a year ago.

IREDA’s net-worth also rose by 45.49 per cent to Rs 8,134.56 crore from Rs 5,591 crore in the year-ago period.

IREDA, 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 related to new and renewable sources of energy and energy efficiency/conservation.

Anand Gupta Editor - EQ Int'l Media Network