IREDA Q1 profit up 19 per cent to Rs 225 cr

August 13, 2022 Stu Turley ET Renewable, International News, Renewables

Chairman & Managing Director Pradip Kumar Das said IREDA has not only clocked its highest ever quarterly PBT (profit before tax) of Rs 339.86 crore, but also registered a significant reduction in gross and net NPAs, which is a big achievement for any NBFC.

New Delhi: The IndianRenewableEnergy Development Agency (IREDA) on Wednesday posted 19.16 per cent rise in net profit at Rs 225.96 crore for June quarter on the back of higher revenues. The company had logged a net profit of Rs 189.63 crore in April-June 2021-22, it said in a statement.

Gross income increased to Rs 786.19 crore in the quarter from Rs 702.17 crore in the same period a year ago.

Net Non-Performing Assets (NPAs) were reduced to 2.92 per cent in the first quarter from 4.77 per cent a year ago.

The net worth of the company was Rs 5,513.92 crore in first quarter as against Rs 3,163.42 crore a year ago.

The loan book also increased to Rs 32,679.32 crore from Rs 26,673.38 crore. The loan disbursement was higher at Rs 852.47 crore from Rs 665 crore a year ago.

Chairman & Managing Director Pradip Kumar Das said IREDA has not only clocked its highest ever quarterly PBT (profit before tax) of Rs 339.86 crore, but also registered a significant reduction in gross and net NPAs, which is a big achievement for any NBFC.

Addressing annual general meeting on Tuesday, Das said IREDA is in the process of setting up a debt fund in the form of an Alternate Investment Fund (AIF) to tap large Institutional Investors viz, Pension funds, Insurance Funds, Environmental, Social and Governance Funds, etc.

AIF will also help IREDA in financing new projects for borrowers who are nearing the exposure limit. Further, the company is also planning to do Asset-Based Securitization (ABS) by issuance of Pass-Through Certificates.

The loan book of IREDA grew from Rs 27,853.92 crore at FY21-end to Rs 33,930.61 crore as at the end of FY22.

The company has achieved the highest-ever loan sanction of Rs 23,921.06 crore, with a growth of 117.44 per cent over the previous year and the highest-ever loan disbursement of Rs 16,070.82 crore, registering a record increase of 82.04 per year-on-year.

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About Stu Turley 3361 Articles
Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.

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