IREDA reports 36% rise in FY23 PAT at Rs865 cr
02 May 2023
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Indian Renewable Energy Development Agency Ltd (IREDA), the largest renewable energy funding company in the country, has reported a 36 per cent increase in profit after tax (PAT) at Rs865 crore and a 37 per cent increase in profit before tax (PBT) at Rs1,139 crore for the financial year 2022-23 - an all-time high.
IREDA's net non-performing assets (NPAs) have come down to 1.66 per cent in FY 2022-23 from 3.12 per cent in FY2021-22, a significant reduction of 47 per cent on an year-on-year basis.
The board of directors of IREDA approved the audited financial results for financial year 2022-23 in a meeting held Tuesday.
IREDA’s loan book recorded a 39 per cent growth at Rs47,076 crore as of 31 March 2023 from Rs33,931 crore as on 31 March 2022. The company also achieved all-time high annual loan sanctions of Rs32,587 crore and disbursements of Rs21,639 crore in the financial year 2022-23 – an increase of 36 per cent and 35 per cent, respectively, over the previous financial year loan sanctions of Rs23,921 crore and disbursements of Rs16,071 crore – also the highest annual loan disbursement and sanction in the company's history.
The company’s net-worth as of 31 March 2023 reached Rs5,935 crore against Rs5,268 crore for the year ended 31 March 2022, an increase of 13 per cent.
Pradip Kumar Das, chairman and managing director, IREDA, attributed the growth of the company to the trust and support of stakeholders. Das also reaffirmed IREDA’s commitment towards achieving the Prime Minister’s ‘Panchamrita’ targets and to be an integral part in achieving the 500 GW non-fossil fuel-based installed capacity by 2030.
With a dedicated team of employees, the CMD said, IREDA continues to focus on innovation, sustainability, and effective risk management to drive its growth and success in the years to come.
IREDA is the first PSU to publish annual audited financial results in just 25 days, despite Sebi's 60-day deadline. In the previous year, IREDA published its annual audited financial results in 30 days.
