Indian Renewable Energy Development of India (IREDA) reported standalone net profit of Rs 387.75 crore in Q2 FY25, registering a growth of 36.18% as agaisnt Rs 284.73 crore posted in Q2 FY24.
Revenue from operations increased 38.49% year on year (YoY) to Rs 1,629.55 crore in the quarter ended 30 September 2024.Profit before tax was at Rs 459.91 crore in second quarter of FY25, registering a growth of 21.06% YoY.
Operating profit (before Depreciation, impairment & Tax) stood at Rs 503.19 crore in September 2024 quarter, up 36% YoY.
Cost of borrowings declined to 7.80% in Q2 of FY25 from 7.85% posted in same quarter previous year.
Interest income stood at Rs 1,577.05 crore in Q2 FY25, up 36.78% from Rs 1,152.95 crore recorded in Q2 FY24. Net interest margin increased to 3.34% in Q2 FY25 from 3.17% registered in Q2 FY24.
Yield on loan assets (gross) stood at 9.92% as on 30 September 2024 as compared with 9.77% as on 30 September 2023.
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CRAR declined to 20.24% as on 30 September 2024 as against 20.92% as on 30 September 2023. Provision coverage ratio (Stage III) stood at 52.98% as on 30 September 2024 as compared with 48.11% as on 30 September 2023.
On half year basis, the companys net profit jumped 33.17% to Rs 771.44 crore on 35.35% rise in revenue from operation to Rs 3139.83 crore in Q2 FY25 over Q2 FY24.
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.
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