Indian Renewable Energy Development Agency (IREDA) on Thursday posted a 36 percent year-on-year (YoY) increase in profit after tax (PAT) for the second quarter ended September 30, 2024 to Rs 387.75 crore on the back of higher revenues.
It had reported a net profit of Rs 284.73 crore during the July-September period of preceding 2023-24 fiscal, the company said in an exchange filing. In the June quarter, the state-owned company reported net profit of Rs 383.69 crore.
The total income from operations increased to Rs 1,630.38 crore in the reporting period from Rs 1176.96 crore a year ago, a rise of 38.52 percent.
The company's NII was up 52 percent at Rs 546.8 crore against Rs 359 crore reported a year earlier.
IREDA share price settled at Rs 232.70 per share on the NSE, surging 0.68 percent. The company's market cap has jumped to Rs 62,826.50 crore.
IREDA is the largest pure-play green financing NBFC in the country. "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 across the nation," PTI quoted Ireda CMD Pradip Kumar Das.
Ireda's loan book increased by 35.88 percent to Rs 64,564 crore from Rs 47,514 crore in the same quarter a year.
Loan sanctions jumped around four-fold to Rs 8,723.78 crore against Rs 2,852.05 crore in the second quarter last fiscal. The company disbursed Rs 4,461 crore worth of loans, up 43.93 per cent from Rs 3,099 crore in the year-ago quarter.
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.
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