IREDA's Remarkable Q3 Performance Fuels India's Renewable Energy Ambitions

Indian Renewable Energy Development Agency Ltd (IREDA) reported a significant 27% increase in net profit for the December quarter, reaching Rs 425.37 crore. This growth was driven by a 35.57% rise in revenue, highlighting IREDA's essential role in financing renewable energy projects and advancing India's green energy goals.

State-owned Indian Renewable Energy Development Agency Ltd (IREDA) has disclosed an impressive nearly 27 percent surge in net profit, tallying Rs 425.37 crore for the December quarter. The robust earnings are credited mainly to increased revenue streams.

The agency's operations revenue experienced a substantial growth of 35.57 percent, amounting to Rs 1,698.99 crore in the latest December quarter. This rise compares favorably to the Rs 1,253.20 crore recorded during the same period of the prior fiscal year, according to a Thursday statement from the company.

The Profit After Tax (PAT), also known as net profit, saw a 26.77 percent increase for the quarter reported to Rs 425.37 crore from Rs 335.54 crore in the third quarter of FY24. IREDA's net worth strengthened to Rs 9,842.07 crore, marking a year-on-year growth of 20.99 percent, while Earnings Per Share (EPS) rose by 15.03 percent to Rs 1.58 from Rs 1.38 in the comparable quarter of the previous fiscal year. CMD Pradip Kumar Das attributed this performance to the company's unwavering dedication to supporting India's renewable energy transition.

(With inputs from agencies.)