Government-owned lender Indian Renewable Energy Development Agency (IREDA) has reported a profit after tax of ₹3.88 billion (~$46.7 million) during the second quarter (Q2) of FY 2024-25, reflecting a year-over-year (YoY) growth of 36.18%.

It recorded ₹16.3 billion (~$196 million) in revenue from operations, a 38.52% increase from ₹11.77 billion ($141 million) in the corresponding quarter of the previous fiscal year.

The company also made strides in asset quality, with its net non-performing assets decreasing to 1.04%, down from 1.65% in the same quarter of the previous fiscal year.

As of September 30, 2024, the company’s net worth stood at ₹93.36 billion (~ $1.12 billion), demonstrating a 41.87% YoY growth.

Loan approvals reached ₹87.24 billion (~$1.05 billion), a 205.88% increase from ₹28.52 billion (~$343 million) in the same period last year.

Loan disbursements also 43.99% year-over-year (YoY) rose to ₹44.62 billion (~$537 million) from ₹31 billion (~$373 million).

IREDA’s loan book expanded to ₹645.64 billion (~$7.76 billion), a 35.88% YoY increase from ₹475.14 billion (~$5.73 billion).

Meanwhile, IREDA received in-principle approval from the Department of Investment and Public Asset Management to establish a wholly-owned retail subsidiary to handle the retail business under PM Suryaghar: Muft Bijli Yojana, PM-KUSUM, and B2C segments in renewable energy and emerging sectors like electric vehicles, energy storage, and energy efficiency.

The company launched its retail division last year.

IREDA reported a 45.9 % YoY increase in profit after tax for the fourth quarter of FY 2024 to ₹373.76 million (~$4.4 million) from ₹256.16 million (~$3.07 million).

The company recently invited bids from banks and financial institutions to raise term loans amounting to ¥16 billion(~ $113.3 million) with an additional greenshoe option. The funds will used to lend towards renewable energy, energy efficiency and conservation projects, and renewable energy-allied services.