Government-owned lender Indian Renewable Energy Development Agency (IREDA) posted a profit of ₹2 billion (~$24.3 million) for the third quarter (Q3) of the financial year (FY) 2022-23, a jump of 88% year-over-year (YoY).

The growth in profit is attributable to a sharp fall in IREDA’s non-performing assets having to 2.03% in the quarter compared with 6.26% YoY.

For the October-December period, the lender’s revenue came in at ₹8.7 billion (~$105.2 million), an increase of 16.9% YoY.

During the quarter, the company disbursed loans worth ₹63.4 billion (~$768 million), a surge of 327% YoY. Loans approved for the quarter amounted to ₹90.24 billion (~$1.09 billion), a jump of 527% YoY.

Further, IREDA’s overall loan book stood at ₹378.9 billion (~$4.6 billion) for the third quarter, a spike of 41% YoY.

Pradip Kumar Das, Chairman and Managing Director of IREDA, said, “We are happy to post historic financial results for the third quarter with more than three-fold growth in loan disbursement and a five-fold jump in loan sanction.”

9M FY2023

For the first nine months (9M) of FY 2023, IREDA reported a profit of ₹6.1 billion (~$74 million), an increase of 50.1% YoY.

The total income came in at ₹24.5 billion (~$296.3 million), a 14.9% increase YoY.

Recently, the government set a revenue target of ₹33.61 billion (~$414 million) for the financial year 2022-23 for IREDA, 18% higher than the previous year’s revenue from operations. The target was set under the memorandum of understanding signed between the IREDA and MNRE.

The net worth of the public sector undertaking stood at ₹55.9 million (~677,106) as against ₹35.22  million (~$426,577), up by 59% YoY.

In a significant move, IREDA has approved a ₹44.45 billion (~$537.14 million) loan to SJVN Green Energy, a subsidiary of SJVN, to develop a 1 GW solar project in Bikaner, Rajasthan.

The company posted a profit of ₹1.8 billion (~$22.8 million) in the second quarter of the financial year 2023, marking an increase of 67% compared to ₹1.1 billion (~$13.65 million) during the same period last year.