Synopsis
The Indian Renewable Energy Development Agency Ltd. (IREDA) has seen a significant growth in its net profit for Q4 FY 2024-25, reporting a 49% rise to Rs 502 crore. This growth reflects the agency's commitment to green financing and expanding its market presence.Key Takeaways
- Net profit surged by 49% to Rs 502 crore.
- Revenue for Q4 FY 2024-25 reached Rs 1,392 crore.
- Loan sanctions increased by 27% to Rs 47,453 crore.
- Total loan book expanded to Rs 76,250 crore.
- Signed a loan agreement for 26 billion Japanese yen.
New Delhi, April 15 (NationPress) The Indian Renewable Energy Development Agency Ltd. (IREDA) has reported a remarkable 49% increase in its net profit, reaching Rs 502 crore for the January-March quarter of the financial year 2024-25. This is a significant rise from Rs 337 crore during the same period in the previous fiscal year.
The nation’s largest pure-play green financing NBFC recorded revenue of Rs 1,392 crore in the fourth quarter, representing a 37.7% growth from Rs 1,916 crore in Q4 of FY 2023-24.
Loan sanctions during the fourth quarter increased by 27% to Rs 47,453 crore, while loan disbursements rose by 20% to Rs 30,168 crore.
IREDA's total loan portfolio has reached an impressive Rs 76,250 crore this quarter, marking a 28% increase compared to Rs 59,698 crore at the end of the January-March quarter in FY 2023-24.
Additionally, IREDA signed a loan agreement for 26 billion Japanese yen with SBI’s Tokyo branch, including a green shoe option of 10 billion Japanese yen on March 28 this year to enhance its lending capabilities.
This five-year unsecured facility, with a bullet payment due at maturity, is expected to bolster IREDA’s international market presence.
The landed cost, after hedging, is projected to be below 7% for the External Commercial Borrowing, making it more economical than similar-duration loans available in the domestic market, as per the IREDA statement.
IREDA maintains an international credit rating of ‘BBB-’ for long-term and ‘A-3’ for short-term with an Outlook of ‘Stable’ from S&P Global, which emphasizes its high standards of corporate governance and credibility in global markets.
For the October-December quarter of the current fiscal year, IREDA reported a 26.8% increase in net profit, amounting to Rs 425.37 crore, compared to Rs 335.54 crore in the same quarter of the previous year.
The government-owned NBFC posted a revenue of Rs 1,698.99 crore during the third quarter, representing a 35.57% rise from Rs 1,253.20 crore in Q3 FY 2023-24.
