IREDA clocks 54% jump in net profit for July-September quarter

NEW DELHI: Government-owned mini-ratna company, the Indian Renewable Energy Development Agency (IREDA), on Monday announced a 54% jump in net profit to Rs 284.7 crore for the July-September quarter of the current financial year compared to the corresponding figure of Rs 184.3 crore in the same quarter of the previous year.

"This has been driven by consistent growth in the Loan Book and a significant reduction in Net Non-Performing Assets (NPAs) from 2.72 per cent to 1.65 per cent year-on-year,” IREDA Chairman & Managing Director Pradip Kumar Das said.

Other key financial highlights include total income from operations at Rs 1,176.96 crore as against Rs 791.56 crores in the previous year (up by 49 per cent), loan book at Rs 47,514.48 crore as against Rs 33,783.36 crores (up by 41 per cent), and net worth at Rs 6,580.61 crore as against Rs 5,638.31 crore (up by 17 per cent).

Net NPAs were at 1.65 per cent as against 2.72 per cent (reduction by 39 per cent), and Gross NPAs at 3.13 per cent as against 5.06 per cent (reduction by 38 per cent)