New Delhi, April 15 (IANS) The Indian Renewable Energy Development Agency Ltd. (IREDA) has announced a robust 49 per cent jump in net profit to Rs 502 crore for the January-March quarter of financial year 2024-25, compared to the corresponding amount of Rs 337 crore in the same quarter of the previous fiscal year.
The country’s largest pure-play green financing NBFC has recorded a revenue of Rs 1,392 crore during the fourth quarter which represents a 37.7 per cent increase from Rs 1,916 crore in the Q4 of FY 2023-24.
The government-owned NBFC’s loan sanctions for the fourth quarter recorded a 27 per cent rise to Rs 47,453 crore while loan disbursements for the quarter rose 20 per cent to Rs 30,168 crore.
The IREDA’s total loan book has expanded to an impressive Rs 76,250 crore during the quarter, which represents a 28 per cent increase over the corresponding figure of Rs 59,698 crore at the end of the Jan-March quarter of financial year 2023-24.
The IREDA also signed an agreement for a 26 billion Japanese yen loan from the SBI’s Tokyo branch, which includes a green shoe option of 10 billion Japanese yen on March 28 this year, to expand its lending.
This five-year unsecured facility, with bullet payment at maturity, is set to strengthen IREDA’s global market presence.
The landed cost, after hedging, is expected to be below 7 per cent for the External Commercial Borrowing, making it more cost-effective than similar-tenure loans in the domestic market, according to the IREDA statement.
The IREDA continues to enjoy an international credit rating of ‘BBB-‘ long-term and ‘A-3’ short-term with Outlook ‘Stable’ from S&P Global, underscoring its highest standards of corporate governance and credibility in international markets.
It reported a 26.8 per cent jump in net profit to Rs 425.37 crore for the October-December quarter of the current financial year from the corresponding amount of Rs 335.54 crore in the same quarter of the previous year.
The government-owned NBFC recorded a revenue of Rs 1,698.99 crore during the third quarter, which represents a 35.57 per cent increase compared to Rs 1,253.20 crore in Q3 FY 2023-24.
–IANS
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