IREDA net profit falls 36% to Rs 247 crore in June quarter

New Delhi: State-owned Indian Renewable Energy Development Agency on Thursday reported a 36 per cent decline in its net profit to Rs 247 crore in the June quarter compared to a year ago, mainly due to higher expenses.

The company had posted a net profit of Rs 384 crore in the quarter ended on June 30, 2024, a BSE filing showed.

However, the revenue from operations improved to Rs 1,947 crore during the quarter against Rs 1,510 crore in the year-ago period.

The total expense rose to Rs 1,655 crore in the quarter from Rs 1,034.96 crore in the same period a year ago.

The financing cost climbed to Rs 1,218 crore compared to Rs 975 crore, while the impairment on financial instruments was Rs 363 crore against the gain of Rs 30 crore a year ago.

The net worth of the company appreciated to Rs 12,042 crore from Rs 9,110 crore in FY25.

Similarly, its loan book increased to Rs 79,941 crore compared to Rs 63,207 crore a year ago.

The company's loan sanctions grew to Rs 11,740 crore against Rs 9,136 crore in the corresponding period a year ago, while the loan disbursements rose to Rs 6,980 crore from Rs 5,325 crore.

"Our expanding loan book and net worth reflect our strategic focus and robust operations. IREDA supports India's renewable energy journey with a growing portfolio and strong performance, committed to a sustainable future through innovation and responsible finance," Pradip Kumar Das, Chairman and Managing Director of IREDA, said.

The company's primary business is to provide finance for Renewable Energy & Energy Efficiency projects and related activities carried out in India.