IREDA net profit surges 67% in Oct-Dec quarter

Mumbai, Jan 20: Indian Renewable Energy Development Agency Ltd (IREDA) on Saturday reported an of 67.15 per cent year-on-year increase in its net profit at Rs 335.54 crore for the October-December of the current financial year.

The public sector company had reported a profit of Rs 200.75 crore in the same quarter last year.

“This outstanding performance is attributed to consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.03 per cent to 1.52 per cent year-on-year, " the company said in an exchange filing.

IREDA’s revenue from operations rose 44.2 per cent to Rs 1252.85 crores during the third quarter from Rs 868.67 crore in the same quarter last year.

The company has also recorded a significant increase in asset quality with its gross non-performing assets (NPAs) for the quarter coming down to 2.90 per cent from 4.24 per cent in the same quarter last year. Net NPAs were 1.52 per cent as compared to 2.03 per cent year-on-year.

IREDA’s net worth has gone up by 45.5% to Rs 8,134.56 crore.