Indian Renewable Energy Development Agency (IREDA) posted an all-time high net profit or profit after tax at ₹865 crore in 2022-23 fiscal year on lower bad loans at 1.66%. IREDA, a renewable energy funding company, has reported an all-time high annual Profit After Tax (PAT) of ₹865 crore and Profit Before Tax (PBT) of ₹1,139 crore in the financial year 2022-23, a company statement said.
The figures represent a significant growth of 36% and 37%, respectively, over the preceding financial year 2021-22.
IREDA’s Net Non-Performing Assets (NPAs) or bad loans have reduced to 1.66% in FY23 from 3.12% in FY22, a significant reduction of 47% on a year-on-year basis.
The Board of Directors of IREDA approved the audited financial results for the financial year 2022-23 in a meeting held on Tuesday, while lauding the company’s outstanding performance and continued growth.
Loan book of IREDA has grown from ₹33,931 crore as on 31st March 2022 to ₹47,076 crore as on 31st March 2023, registering a growth of 39%.
The company has achieved an all-time high annual loan sanctions of ₹32,587 crore and disbursements of ₹21,639 crore in financial year 2022-23, registering an increase of 36% and 35%, respectively, over the FY22 loan sanctions of ₹23,921 crore and disbursements of ₹16,071 crore.
This marks the highest annual loan disbursement and sanction in the company’s history, it stated.
The net worth of the company as on 31st March 2023 has reached ₹5,935 crore, 13% higher compared to ₹5,268 crore a year ago.
Pradip Kumar Das, CMD, IREDA, said that IREDA stands fully committed towards achieving the Prime Minister’s ‘Panchamrita’ targets and to be an integral part in achieving the 500 GW of non-fossil fuel-based installed capacity by 2030.
