NPAs below 1%, sets benchmark with fastest results in banking-NBFC space
Team News Riveting
Mumbai, April 19
Indian Renewable Energy Development Agency Ltd. (IREDA), the nation’s largest pure-play green financing NBFC, announced its unprecedented audited financial results for the fiscal year 2023-24.
IREDA has achieved an all-time high annual Profit After Tax (PAT) of Rs 1252.23 crore, marking an impressive growth of 44.83 per cent over the previous fiscal year 2022-23. The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99 per cent in FY 2023-24 from 1.66 per cent in FY 2022-23, demonstrating a significant reduction of 40.52 per cent year-on-year.
The Board of Directors of IREDA commended the company’s exceptional performance and sustained growth during a meeting held today at the Registered Office, where they approved the Audited Financial Results for FY 2023-24.
The Loan Book of IREDA has grown from Rs 47,052.52 crore as on 31st March 2023 to Rs 59,698.11 crore as on 31st March 2024 (registering a growth of 26.81 per cent). The company has achieved all-time high annual Loan Sanctions of Rs 37,353.68 crore and Disbursements of Rs 25,089.04 crore in Financial Year 2023-24, registering an increase of 14.63 per cent and 15.94 per cent respectively, over previous financial year loan sanctions of Rs 32,586.60 crore and disbursements of Rs 21,639.21 crore. This marks the highest annual loan disbursement and sanction in the company’s history.
The net-worth of the company as on 31st March 2024 has reached to Rs. 8,559.43 crore as against Rs. 5,935.17 crore, year ending 31st March 2023 (increased by 44.22 per cent).
The annual financial highlights for the FY 2023-24 as against FY 2022-23 are as follows:
- Profit Before Tax: Rs. 1,685.24 crore as against Rs. 1,139.25 crore (up by 47.93%)
- Profit After Tax: Rs. 1,252.23 crore as against Rs. 864.63 crore (up by 44.83%)
- Loan Sanction: Rs. 37,353.68 crore as against 32,586.60 crore (up by 14.63%)
- Loan Disbursement: Rs. 25,089.04 crore as against 21,639.21 crore (up by 15.94%)
- Loan Book: Rs. 59,698.11 crore as against Rs. 47,052.52 crore (up by 26.81%)
- Net-worth: Rs. 8,559.43 crore as against Rs. 5,935.17 crores (up by 44.22%)
- Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms)
Key financial highlights for Q4, FY 2023-24 compared to Q4, FY 2022-23 are as follows:
- Profit Before Tax: Rs. 479.67 crore as against Rs. 288.38 crore (up by 66.33%)
- Profit After Tax: Rs. 337.38 crore as against Rs. 253.62 crore (up by 33.03%)
- Loan Sanction: Rs. 23,407.57 crore as against 11,796.95 crore (up by 98.42%)
- Loan Disbursement: Rs. 12,869.35 crore as against 11,291.09 crore (up by 13.98%)
- Loan Book: Rs. 59,698.11 crore as against Rs. 47,052.52 crore (up by 26.81%)
- Net-worth: Rs. 8,559.43 crore as against Rs. 5,935.17 crores (up by 44.22%)
- Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms)
Pradip Kumar Das, Chairman & Managing Director of IREDA, expressed his happiness at the remarkable financial results achieved. He emphasized IREDA’s steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.
CMD, IREDA attributed the company’s growth to the unwavering trust and support of its stakeholders, while extending gratitude to the Ministry of New & Renewable Energy and Board of Directors for their indispensable support and guidance. He also commended Team IREDA for their dedication and persistent efforts, which significantly contributed to the outstanding financial performance.
Notably, IREDA has set a new benchmark by publishing its Annual Audited Financial Results within just 19 days, fastest publication of Audited Results in the Banking and NBFC space, surpassing SEBI’s 60-day deadline. This achievement follows last year’s record of publishing the results within 25 days.
