IREDA Q3 profit after tax rises 87 per cent to over Rs 200 crore – EQ Mag

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IREDA Q3 profit after tax rises 87 per cent to over Rs 200 crore – EQ Mag

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State-owned IREDA on Thursday posted a rise of 87 per cent in its profit after tax at Rs 200.75 crore in the December 2022 quarter, mainly on higher income.

The company had clocked a PAT (profit after tax) of Rs 107.19 crore during October-December quarter of preceding 2021-22 fiscal, Indian Renewable Energy Development Agency (IREDA) said in a statement.

Its total income rose by 17 per cent to Rs 868.98 crore from Rs 743.30 crore in the year ago quarter.

IREDA’s net Non-Performing Assets (NPAs) reduced to 2.03 per cent in the third quarter of FY23 from 6.26 per cent in the same quarter a year ago.

The company disbursed loan worth Rs 6,341.81 crore as against Rs 1,484.84 crore a year ago, up by 327 per cent.

Its overall loan book stood at Rs 37,887.69 crore as against Rs 26,937.45 crore a year ago, up by 41 per cent.

Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA, said, “We are happy to post historical financial results for the third quarter with more than three-fold growth in loan disbursement and a five-fold jump in loan sanction. Most impressively, IREDA’s net NPAs have reduced from 6.26 per cent in the third quarter of the previous fiscal year to 2.03 per cent in the third quarter of FY 23.