Reduced NPAs Help IREDA Post 12% YoY Jump in Q4 Profit at $31 Million
The total income came in at ~$425.9 million
Government-owned lender Indian Renewable Energy Development Agency (IREDA) posted a profit of ₹2.54 billion (~$31 million) for the fourth quarter (Q4) of the financial year (FY) 2022-23, a jump of 12% year-over-year (YoY).
The growth in profit is attributable to a sharp fall in IREDA’s non-performing assets, which have seen a decline to 1.66% in FY 2022-23 from 3.12% in FY 2021-22, which translates to a significant reduction of 47% in percentage terms on a year-on-year basis.
For the January-March period, the lender’s revenue came in at ₹10.36 billion (~$126.7 million), an increase of 38.87% YoY.
For the full year, the company has reported an all-time high annual profit of ₹8.65 billion (~$105 million), an increase of 36.4% YoY.
The total income came in at ₹34.83 billion (~$425.9 million), a 21% increase YoY.
The net worth of the company as on 31st March 2023 has reached ₹59.35 billion (~$726.8 million) as against ₹52.68 billion (~$645.2 million) in 2022, an increase of 13%.
The loan book of IREDA has experienced a significant increase from ₹339.31 billion (~$4.1 billion) as of March 31, 2022, to ₹470.76 billion (~$5.7 billion) as of March 31, 2023, indicating a growth rate of 39%.
The company has accomplished a historic high in annual loan approvals of ₹325.87 billion (~$3.9 billion) and disbursements of ₹216.39 billion (~$2.6 billion) in the financial year 2022-23, a 36% and 35% rise, respectively, compared to the previous financial year.
The Chairman and Managing Director of IREDA, Pradip Kumar Das, credited the company’s growth to the trust and support of stakeholders.
He affirmed IREDA’s commitment to achieving the Prime Minister’s ‘Panchamrita’ targets and playing a significant role in achieving the 500 GW non-fossil fuel-based installed capacity by 2030.
IREDA approved ₹327.6 billion (~$4 billion) worth of loans as on March 27, up 37% YoY.
The agency is also implementing a program to set up manufacturing capacities of vertically integrated high-efficiency solar modules under the production-linked incentive program. IREDA announced PLI totaling ₹44.5 billion (~$597.98 million) for a capacity of 10,483 MW.