The Indian Renewable Energy Development Agency Ltd. (IREDA) has reported a robust 49% increase in its net profit, reaching ₹502 crore for the January-March quarter of financial year 2024-25, compared to ₹337 crore in the same quarter of the previous fiscal year.
India’s leading green financing non-banking financial company (NBFC) also posted a revenue of ₹1,392 crore for the fourth quarter, marking a 37.7% rise from ₹1,011 crore in Q4 of FY 2023-24.
During the quarter, IREDA recorded a 27% growth in loan sanctions, amounting to ₹47,453 crore, while loan disbursements rose 20% year-on-year to ₹30,168 crore.
The company’s total loan book expanded significantly to ₹76,250 crore, reflecting a 28% increase from ₹59,698 crore reported at the end of the corresponding quarter last year.
In a move to boost its global presence, IREDA signed a loan agreement worth 26 billion Japanese yen with the Tokyo branch of State Bank of India (SBI) on March 28. The facility includes a green shoe option of an additional 10 billion yen. The five-year unsecured loan, structured with a bullet payment at maturity, is expected to carry a hedged cost of below 7%, making it more cost-effective than similar-tenure loans in the domestic market.
IREDA continues to maintain strong international credit ratings of ‘BBB-’ (long-term) and ‘A-3’ (short-term) with a ‘Stable’ outlook from S&P Global, reflecting its sound corporate governance and credibility in international markets.
In the previous quarter (October–December), the NBFC reported a 26.8% rise in net profit to ₹425.37 crore, up from ₹335.54 crore in the same period a year ago. Revenue during Q3 FY 2024 stood at ₹1,698.99 crore, marking a 35.57% increase from ₹1,253.20 crore in Q3 FY 2023-24.
-IANS
