Government-owned lender Indian Renewable Energy Development Agency (IREDA) has reported a profit after tax of ₹4.25 billion (~$49.52 million) during the third quarter (Q3) of the financial year (FY) 2024-25, reflecting a year-over-year (YoY) growth of 27%.

It recorded ₹16.99 billion (~$197.8 million) in revenue from operations, an over 35.5% increase from ₹12.53 billion (~$145.9 million) in the corresponding quarter of the previous financial year.

The company also made strides in asset quality, with its net non-performing assets decreasing to 1.50% from 1.52% in the same quarter of the previous financial year.

The company’s net worth stood at ₹98.42 billion (~$1.14 billion), demonstrating a 20.9% YoY rise.

Loan approvals reached ₹132.27 billion (~$1.54 billion) during Q3, a 45% increase from ₹91.21 billion (~$1.06 billion) in the same period last year.

IREDA’s loan disbursements for the quarter stood at ₹74.49 billion (~$867.32 million), up 25.2% YoY from ₹59.46 billion (~$692.29 million). The agency’s loan book expanded to ₹689.6 billion (~$8.02 billion) in Q3 of FY 2024-25, a 36.3% YoY growth.

9M FY 2024

For the first nine months (9M) of FY 2024-2025, IREDA reported a profit after tax of ₹11.97 billion (~$139.38 million), demonstrating a 31% YoY increase.

The agency’s total income stood at ₹48.4 billion (~$563.47 million), a 35% YoY increase from ₹35.7 billion (~$415.63 million).

Loan approvals for 9M of FY 2024-2025 surged to ₹310.87 billion (~$3.6 billion) as of December 31, 2024, compared to ₹135.58 billion (~$1.58 billion) in the corresponding period of 2023, marking a 129% increase.

The solar sector accounted for the largest share of outstanding loans to IREDA at 26%. The wind and the wind-solar hybrid sectors owed 15% and 3%, respectively. The manufacturing and ethanol sectors owed 6% and 8%, respectively. Power generating state utilities owed 3% and other state utilities owed 18%.

GMR Smart Electricity Distribution, a subsidiary of GMR Power and Urban Infra, secured approval for a loan of ₹21.28 billion (~$247.66 million) from IREDA to part finance smart meter installation in Uttar Pradesh. The loan amount will be distributed in tranches.