Indian Renewable Energy Development Agency’s profit jumps 67% in September quarter

India’s state-run Renewable Energy Development Agency (IREDA) jumped 67.14% to Rs 184.30 crore in the quarter ended September 2022 from Rs 110.27 crore it a year ago. The state-run agency said its gross revenue increased by 15.90 percent to Rs 791.56 crore from Rs 682.94 crore in the corresponding quarter of the previous year. Loan sanction increased by 89.47% to Rs 11,226.49 crore from Rs 5,925.12 crore a year ago, while loan portfolio increased by 17.07% to 33,783 Rs.36 crore, down from Rs.28,856.48 crore in the corresponding quarter of the previous year, according to a statement from the Ministry of New and Renewable Energy.

Pradip Kumar Das, President and Managing Director (CMD), IREDA, highlighted: “IREDA recorded quarterly PBT (profit before tax) and PAT (profit after tax) growth of 76.15% and 67.14%, respectively, and also recorded a significant reduction in gross and net NPAs, which is a great achievement for any NBFC (non-bank financial company).” The CMD pointed out that this would not have been possible without the contribution of the IREDA team. He thanked all employees for their hard work and constant support. He also thanked RK Singh, Minister of Energy and New and Renewable Energy, and Bhagwanth Khuba, Minister of State, New and Renewable Energy. Renewables, Chemicals and Fertilizers, for their continued guidance and support.

The Indian Renewable Energy Development Agency (IREDA) was established in 1987 as a statutory and autonomous organization under the Government of India and administratively controlled by the Ministry of New and Renewable Energy (MNRE). The organization is formed to promote, develop and extend financial assistance for the establishment of projects related to new and renewable energy sources and energy efficiency/conservation. (ANI)

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