Post by: Raman Preet
Indian Renewable Energy Development Agency Ltd (IREDA), a state-owned non-banking finance company operating in the renewable energy sector, reported a notable increase in its financial performance for the fourth quarter ending March 31, 2024. As per the regulatory filing, IREDA recorded a substantial 33% year-on-year surge in net profit, reaching ₹337.4 crore compared to ₹253.6 crore in the corresponding period.
Furthermore, the company's net interest income (NII) witnessed a robust growth of 35.1%, amounting to ₹481.4 crore as opposed to ₹356.4 crore in the same quarter of the previous fiscal year. However, IREDA's expenses during the period under review totaled ₹911.96 crore, up from ₹747.93 crore in the year-ago period.
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IREDA, which operates under the Ministry of New and Renewable Energy, plays a crucial role in promoting, developing, and extending financial support for projects related to renewable energy sources and energy efficiency/conservation. The institution's focus on fostering sustainable energy solutions aligns with India's commitment to reducing carbon emissions and transitioning towards cleaner energy alternatives.
The announcement of IREDA's robust financial performance came after the market hours. On the Bombay Stock Exchange (BSE), shares of Indian Renewable Energy Development Agency Ltd concluded at ₹160.80, experiencing a decline of ₹2.30 or 1.41%.
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