Ireda's Profit Surge: A Boon for India's Renewable Energy Goals

State-owned Ireda reported a 36% profit rise to Rs 387.75 crore for the September quarter, driven by higher revenues. The company's revenue increased by 38.52% year-on-year, alongside significant growth in loan sanctions and disbursements, emphasizing its dedication to renewable energy projects in India.

State-owned Ireda has announced a substantial 36% increase in profit after tax, achieving Rs 387.75 crore during the September quarter. This rise is attributed to higher revenues, evident from the company's significant year-on-year revenue growth of 38.52%, reaching Rs 1,630.38 crore compared to Rs 1,176.96 crore.

Ireda's loan book expanded to Rs 64,564.36 crore, marking a 35.88% increase from the previous year's same quarter. Loan sanctions impressively rose four-fold to Rs 8,723.78 crore, while loan disbursements climbed by 43.93% to Rs 4,461.87 crore. The company's strong performance highlights its strategic focus on supporting green projects across India.

Under the leadership of CMD Pradip Kumar Das, Ireda is committed to advancing India's renewable energy goals. It operates as a non-banking financial institution under the Ministry of New and Renewable Energy, facilitating the development of projects in the renewable energy sector.

(With inputs from agencies.)