Indian Renewable Energy Development of India (IREDA) reported a 30% increase in consolidated net profit to Rs 383.69 crore in Q1 FY25 as compared with Rs 294.58 crore in Q1 FY24.
Revenue from operations increased 32% YoY to Rs 1510.28 crore in Q1 FY25.Profit before tax rose 8% YoY to Rs 475.74 crore in the quarter ended 30 June 2024.
Operating profit (before Dep, impairment & Tax) stood at Rs 454.33 crore in Q1 FY25, registering the growth of 31% as compared with Rs 347.98 crore posted in corresponding quarter last year.
Cost of borrowings fell to 7.78% in Q1 FY25 from 7.83% in Q1 FY24.
Interest income stood at Rs 1,482.76 crore in Q1 FY25, up 31% to Rs 1,132.73 crore in Q1 FY24. Net interest margin increased from 3.23% to 3.29% in Q1 FY25.
Yield on loan assets (gross) stood at 10.01% as on 30 June 2024 as comapred with 9.64% as on 30 June 2023.
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CRAR declined to 19.52% as on 30 June 2024 as compared with 19.95% as on 30 June 2023. Provision coverage ratio (Stage III) stood at 57.21% as on 30 June 2024 as compared with 48.68% as on 30 June 2023.
IREDA is a wholly owned Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on March 2024, GoI held 75% stake in IREDA.
The counter rose 0.37% to ends at Rs 284.65 on Friday 12 July 2024.
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