IREDA logs 67% growth in Q2 net profit

New Delhi: Indian Renewable Energy Development Agency (IREDA), a PSU below the Ministry of New & Renewable Energy (MNRE) on Saturday reported a 67.14% growth in its net profit at 184.30 crore for the second quarter ended September 2022.

The firm had recorded a PAT of 110 crore in the identical quarter final monetary 12 months (2021-22).

“The firm has posted Profit Before Tax (PBT) of 276.31 crore, which is 76.15% increased in comparison with 156.86 crore in the Q2 of the earlier monetary 12 months,” the Ministry of New and Renewable Energy said in a statement.

“IREDA’s net non-performing assets (NPAs) have been reduced to 2.72% in Q2, FY 2022-23 from 4.87% in Q2, FY 2021-22, a significant reduction of 44% YoY,” it mentioned.

The PSU sanctioned loans value 11,226 crore in the quarter ended September 2022, up 89% over sanctioned loans of 5,925 crore in the identical quarter final fiscal.

“IREDA has registered growth in quarterly PBT and PAT by 76.15% and 67.14% respectively, and has additionally registered a big discount in gross and net NPAs, which is a giant achievement for any NBFC,” mentioned Pradip Kumar Das, chairman & managing director (CMD), IREDA.

CMD, IREDA highlighted that this might not have been potential with out the contribution of Team IREDA. He thanked all workers for his or her constant onerous work and help.

He conveyed his honest gratitude to R. Ok. Singh, union minister of energy and new & renewable power, and Bhagwanth Khuba, minister of state, new & renewable power, chemical compounds & fertilizers, for his or her steady steering and help.

Das additionally conveyed his gratitude for the abiding help acquired from the secretary and different officers of MNRE and the board of administrators.

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