IREDA annual PAT hit all-time high of Rs 1,252 crore in FY24; Q4 net profit at Rs 337 crore

State-owned IREDA on Friday posted a 33 per cent rise in its net profit to Rs 337.37 crore for the quarter ended March 2024, aided by higher income.

It had clocked Rs 253.61 crore net profit in the January-March quarter of FY23, the company said in an exchange filing.

The company's total income surged to Rs 1,391.63 crore in the fourth quarter of FY24 from Rs 1,036.31 crore a year ago.

Its expenses were Rs 911.96 crore in the period under review against Rs 747.93 crore in the year-ago period.

In a separate statement, the company said it has achieved an all-time high annual profit after tax (PAT) of Rs 1,252.23 crore, a growth of 44.83 per cent over Rs 864.62 crore in 2022-23.

The company's loan book grew 26.81 per cent to Rs 59,698.11 crore from Rs 47,052.52 crore as of March 31, 2023.

The loan sanction stood at Rs 37,353.68 crore and disbursements at Rs 25,089.04 crore in FY24, registering an increase of 14.63 per cent and 15.94 per cent, respectively.

"This marks the highest annual loan disbursement and sanction in the company's history," IREDA said.

The net worth of the company increased 44.22 per cent to Rs 8,559.43 crore as of March 31, 2024, against Rs 5,935.17 crore a year ago.

Indian Renewable Energy Development Agency Ltd, 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 related to new and renewable sources of energy and energy efficiency/conservation.