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					</table><p>The government-owned lender Indian Renewable Energy Development Agency (<a href="https://www.ireda.in/home" target="_blank" rel="noopener">IREDA</a>) has reported a profit after tax of ₹2.95 billion (~$35.54 million) for the first quarter (Q1) of the financial year (FY) 2024, an increase of 30% year-over-year (YoY).</p>
<p>The quarter saw a significant reduction in the net NPAs to 1.61% from 2.92% during the same period last year, representing a 45% YoY drop.</p>
<p>Over the previous year, IREDA&#8217;s loan book expanded to ₹472.07 billion (~$5.69 billion) as of June 30, 2023, showcasing a 44% YoY growth from ₹326.79 billion (~$3.94 billion).</p>
<p>During Q1 FY24, the company disbursed loans of ₹31.73 billion (~$382.26 million), up 272% YoY.</p>
<p>The company&#8217;s total income from operations stood at ₹11.43 billion (~$137.69 million), up 45% from ₹7.86 billion (~$94.69 million) during the same period last year.</p>
<p>During the quarter, the company also received an interest amount of ₹384.51 million (~$4.63 million) and repayment of principal of ₹62.93 million (~$758,382) on the loans to government-related entities.</p>
<p>One of the significant transactions recorded was that of Rewa Ultra Mega Solar’s (RUMSL) loan repayment of ₹16.25 million ($195,767).</p>
<p>The company had previously disclosed its plans for an initial public offering involving a partial sale of the government’s stake in the company. It had also received approval from the cabinet for the same, which was granted due to changes in IREDA&#8217;s capital structure, brought about by a government <a href="https://www.mercomindia.com/center-%e2%82%b915-billion-ireda-boost-lending-renewable-sector" target="_blank" rel="noopener">infusion</a> of ₹15 billion (approximately $180.71 million) in funds in the preceding year.</p>
<p>In April this year, the Department of Investment and Public Asset Management under the Ministry of Finance <a href="https://www.mercomindia.com/bids-merchant-bankers-ireda-ipo" target="_blank" rel="noopener">invited</a> bids from book-running lead managers (BRLMs) to assist in the process of listing the government&#8217;s equity in IREDA. The government intends to select a maximum of three merchant bankers who possess a background in conducting public offerings. These selected bankers will collaborate as BRLMs.</p>
<p>Earlier this year, IREDA was <a href="https://www.mercomindia.com/ireda-infrastructure-finance-company-status-rbi" target="_blank" rel="noopener">granted</a> an ‘Infrastructure Finance Company (IFC) status by the Reserve Bank of India, enabling better exposure to renewable energy sector financing. The IFC status is expected to help the non-banking financial company achieve competitive fundraising rates by providing access to a broader investor base.</p>
<p>The company <a href="https://www.mercomindia.com/reduced-npas-help-ireda-jump-in-q3-profit-at-31-million" target="_blank" rel="noopener">posted</a> a profit of ₹2.54 billion (~$30.59 million) for Q4 FY 2023, a jump of 12% YoY. For the January-March period, the lender&#8217;s revenue came in at ₹10.36 billion (~$124.81 million), an increase of 38.87% YoY.</p>


IREDA’s Q1 Profit Up 30% YoY, Non-Performing Assets Reduce

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