On Saturday, the Indian Renewable Energy Development Agency Ltd (IREDA) announced a remarkable 67.15% year-on-year increase in its net profit, reaching Rs 335.54 crore for the October-December period of the current financial year. This substantial growth, from a profit of Rs 200.75 crore in the same quarter last year, is attributed to the consistent expansion of the Loan Book and a notable reduction in Net Non-Performing Assets (NPAs), decreasing from 2.03% to 1.52% year-on-year, as stated in an exchange filing.
IREDA's revenue from operations also witnessed a significant upswing, rising by 44.2% to Rs 1252.85 crores during the third quarter, compared to Rs 868.67 crore in the corresponding quarter last year. Noteworthy improvements in asset quality were recorded, with gross non-performing assets (NPAs) for the quarter decreasing to 2.90% from 4.24% in the same quarter last year. Net NPAs were reported at 1.52%, down from 2.03% year-on-year.
Additionally, IREDA's net worth has seen a substantial increase of 45.5%, reaching Rs 8,134.56 crore.