IPO-Bound IREDA Posts Record Rs 865 Crore Net Profit In FY23

Profit after tax and profit before tax saw a significant growth of 36% and 37% year-on-year, respectively.

<div class="paragraphs"><p>(Source:&nbsp;<a href=";utm_medium=referral&amp;utm_content=creditCopyText">MICHAEL WILSON</a> on <a href=";utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>)</p></div>
(Source: MICHAEL WILSON on Unsplash)

State-owned Indian Renewable Energy Development Agency on Tuesday posted an all-time high net profit or profit after tax at Rs 865 crore in 2022-23 fiscal year, on lower bad loans at 1.66%.

IREDA, a renewable energy funding company, has reported an all-time high annual profit after tax of Rs 865 crore and profit before tax of Rs 1,139 crore in the financial year 2022-23, a company statement said.

The figures represent a significant growth of 36% and 37%, respectively, over the preceding financial year 2021-22.

IREDA's net non-performing assets or bad loans have reduced to 1.66% in FY23 from 3.12% in FY22, a significant reduction of 47% on year-on-year basis.

The Board of Directors of IREDA approved the audited financial results for the financial year 2022-23 in a meeting held on Tuesday, while lauding the company's outstanding performance and continued growth.

The loan book of IREDA has grown from Rs 33,931 crore as on March 31, 2022 to Rs 47,076 crore as on March 31, 2023, registering a growth of 39%.

The company has achieved an all-time high annual loan sanctions of Rs 32,587 crore and disbursements of Rs 21,639 crore in financial year 2022-23, registering an increase of 36% and 35%, respectively, over the FY22 loan sanctions of Rs 23,921 crore and disbursements of Rs 16,071 crore.

This marks the highest annual loan disbursement and sanction in the company's history, it stated.

The net worth of the company as on March 31, 2023 has reached Rs 5,935 crore, 13% higher compared to Rs 5,268 crore a year ago.

Pradip Kumar Das, chairman and managing director, IREDA, said that IREDA stands fully committed towards achieving the prime minister's 'Panchamrita' targets and to be an integral part in achieving the 500 GW of non-fossil fuel-based installed capacity by 2030.