The Indian Renewable Energy Development Agency (IREDA) has posted strong financial results for the second quarter of FY25, ending on September 30, 2024. The company’s net profit rose to ₹387.74 crore, a 36% increase from ₹284.73 crore during the same quarter last year. This is a slight uptick from the ₹383.69 crore profit reported in the previous quarter (Q1 FY25).
In Q2 FY25, IREDA’s total income reached ₹1,630 crore, representing a 38.5% year-on-year (YoY) growth compared to ₹1,177 crore in Q2 FY24. This is also an improvement from ₹1,510 crore recorded in the previous June quarter. The company’s net interest income (NII), which measures the difference between interest earned and interest paid, saw a substantial 52% YoY increase, growing to ₹546.9 crore from ₹359.8 crore in Q2 FY24.
Despite the company’s strong financial performance, IREDA’s Gross Non-Performing Assets (NPA) ratio remained unchanged at 2.19% in Q2 FY25, though its Net NPA ratio saw a slight increase, rising to 1.04% from 0.95% in the previous quarter. The company’s debt-equity ratio stood at 5.85x, largely unchanged from 5.83x in the prior quarter.
For the first half of FY25 (H1 FY25), IREDA’s net profit surged by over 33%, reaching ₹771.4 crore compared to ₹579.3 crore in H1 FY24. The company’s total income for the same period jumped by 35%, totaling ₹3,141 crore versus ₹2,320 crore in the corresponding period last year. A notable highlight of IREDA’s performance in H1 FY25 was the 303% increase in loan sanctions, which skyrocketed to ₹17,860 crore from ₹4,437 crore in the same period last year.
On the stock market, IREDA’s share price reflected positive sentiment from its strong financial results, closing 1.12% higher at ₹233.75 per share on the National Stock Exchange (NSE).
IREDA, a public sector non-banking financial institution under the Ministry of New and Renewable Energy, is committed to advancing India’s renewable energy goals through financing and supporting green energy projects across the country.
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