Mineral production grows by 8 percent in February (See 'Corp Brief') SARFAESI Act - Court refrains to adjudicate matter on merits when matter is already pending in DRAT : HC (See 'Legal Desk') Coal production in April up by 7.4% (See 'Corp Brief') SEBI Act - Appellants have made case for stay as rigours of directions of SEBI order would adversely affect business of Appellant as well as their clients : SAT (See 'Legal Desk') Trade Mark Act - Marks 'BETSONE' and 'BETASON' are deceptively similar to registered trademark 'BETNESOL' and visually, phonetically and structurally alike, with minimal alterations : HC (See 'Legal Desk') Voting by tribal communities blossoms as ECI's outreach to them bears fruit (See 'Corp Brief') SARFAESI Act - No fault can be found with respondent financial institution invoking Section 14 of SARFAESI Act by approaching District Magistrate, Rewa : HC (See 'Legal Desk') Ministry of Parliamentary Affairs observes Swachhata Pakhwada (See 'Corp Brief') Arbitration Act - Arbitral award cannot be interfered with if view of arbitral tribunal is plausible one : HC (See 'Legal Desk') IBC - Asset memorandum shall not be accessible to any person during liquidation : IBBI (See 'Legal Desk') Critical Minerals Summit concludes (See 'Corp Brief') Cr.P.C. - While adjudicating on bail application court is duty bound to ensure that accused's right to life and right to health is not violated : HC (See 'Legal Desk') PMLA - Petitioner cannot claim bail as matter of right for treatment only at specialized hospital of his choice : HC (See 'Legal Desk') SEBI (Research Analysts) Regulations, 2014 for ontravention of RA Regulations Certificate of Registration of Noticee Gaurav Sarda can be cancelled : SEBI (See 'Legal Desk') REC Ltd declares financial results, records highest ever annual net profit (See 'Corp Brief') Trade Marks Act - Defendant's adoption of Trademark is not in good faith and potential confusion encroaches upon Plaintiff's statutory trademark rights : HC (See 'Legal Desk') SEBI Act - Noticee was maintaining call records which were sent to SEBI : SEBI (See 'Legal Desk') Arbitration - Petition u/s 29A for extension of mandate of Arbitral Tribunal can be filed even after mandate has expired : HC (See 'Legal Desk') Mines Ministry to hold 2-day Critical Minerals Summit (See 'Corp Brief') IBC - When one party owes debt to another and creditor is claiming under written agreement providing for rendering 'service', debt is operational debt if claim of debt has some connection with service : SC (See 'Legal Desk') Companies Act - Stamp duty @5% market value of property is liable to be paid only when property is situated within State of Madhya Pradesh otherwise not : HC (See 'Legal Desk') SEBI Act - Final opportunity of inspection of documents and cross-examination of witnesses should be given to Appellants : SAT (See 'Legal Desk') SARFAESI Act - Mere discovery of new or important matter or evidence is not a sufficient ground for review ex debito justitiae : HC (See 'Legal Desk') Conference organized on Maritime Amrit Kaal Vision 2047 (See 'Corp Brief') PMLA -Bail application can be dismissed as petitioner failed to satisfy conditions for grant of bail : HC (See 'Legal Desk') CSIR, NIScPR organize national workshop to celebrate World Intellectual Property Day (See 'Corp Brief') SEBI Act - Appellants have failed to substantiate their claim of financial distress nor have they brought any new fact or circumstances requiring grant of interim relief : SAT (See 'Legal Desk') ACC delivers lifetime highest annualised PAT (See 'Corp Brief') Trade Mark Act - Marks are visually phonetically and deceptively similar to Plaintiffs' trademarks : HC (See 'Legal Desk') SJVN inaugurates First Multi-purpose Green Hydrogen Pilot Project (See 'Corp Brief') IBC - Even if CIRP commences, Directors, who are incharge of affairs of Company cannot be absolved of any wilful default committed by borrower Company : HC (See 'Legal Desk') REC to extend loan of Rs 1869 Cr for Kiru Hydro Electric Project (See 'Corp Brief')

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IREDA reports All-Time High Annual Net Profit, NPAs below 1%

Published: Apr 22, 2024

By TIOLCorplaws News Service

NEW DELHI, APR 22, 2024: INDIAN Renewable Energy Development Agency Ltd. (IREDA), the nation's largest pure-play green financing NBFC, has achieved an all-time high annual Profit After Tax (PAT) of Rs. 1252.23 crores, marking an impressive growth of 44.83% over the previous fiscal year 2022-23. The company has successfully reduced its Net Non-Performing Assets (NPAs) to 0.99% in FY 2023-24, from 1.66% in FY 2022-23, demonstrating a significant reduction of 40.52% year-on-year.

The Loan Book of IREDA has grown by 26.81%, from Rs. 47,052.52 crores as on 31st March, 2023 to Rs. 59,698.11 crores as on 31 st March, 2024. The company has achieved all-time high annual Loan Sanctions of Rs. 37,353.68 crores and Disbursements of Rs. 25,089.04 crores in Financial Year 2023-24, registering an increase of 14.63% and 15.94% respectively, over loan sanctions of Rs. 32,586.60 crores and disbursements of Rs. 21,639.21 crores in the previous year. This marks the highest annual loan disbursement and sanction in the history of the company.

The net-worth of the company has grown by 44.22%, having reached Rs. 8,559.43 crores as on 31st March, 2024 as against Rs. 5,935.17 crores for the year ending 31st March 2023.

On the occasion of announcement of the unprecedented audited financial results for the fiscal year 2023-24, the Board of Directors of IREDA commended the company's exceptional performance and sustained growth at a meeting held at the company's Registered Office on April 19, 2024.

The annual financial highlights for the FY 2023-24 as against FY 2022-23 are as follows:

Profit Before Tax: Rs. 1,685.24 crores as against Rs. 1,139.25 crores (up by 47.93%)

Profit After Tax: Rs. 1,252.23 crores as against Rs. 864.63 crores (up by 44.83%)

Loan Sanction: Rs. 37,353.68 crores as against 32,586.60 crores (up by 14.63%)

Loan Disbursement: Rs. 25,089.04 crores as against 21,639.21 crores (up by 15.94%)

Loan Book: Rs. 59,698.11 crores as against Rs. 47,052.52 crores (up by 26.81%)

Net worth: Rs. 8,559.43 crore as against Rs. 5,935.17 crores (up by 44.22%)

Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms)

Key financial highlights for Q4, FY 2023-24 compared to Q4, FY 2022-23 are as follows:

Profit Before Tax: Rs. 479.67 crores as against Rs. 288.38 crores (up by 66.33%)

Profit After Tax: Rs. 337.38 crores as against Rs. 253.62 crores (up by 33.03%)

Loan Sanction: Rs. 23,407.57 crores as against Rs. 11,796.95 crores (up by 98.42%)

Loan Disbursement: Rs. 12,869.35 crores as against 11,291.09 crores (up by 13.98%)

Loan Book: Rs. 59,698.11 crores as against Rs. 47,052.52 crores (up by 26.81%)

Net-worth: Rs. 8,559.43 crores as against Rs. 5,935.17 crores (up by 44.22%)

Net NPAs: 0.99% as against 1.66% (reduction by 40.52% in percentage terms)

Expressing happiness on the remarkable financial results, Chairman & Managing Director of IREDA Shri Pradip Kumar Das emphasized IREDA's steadfast commitment to accelerating the adoption of renewable energy solutions in India, indicating a promising trajectory for investors and stakeholders.

CMD, IREDA attributed the company's growth to the unwavering trust and support of its stakeholders, while extending gratitude to the Ministry of New & Renewable Energy and Board of Directors for their indispensable support and guidance. He also commended Team IREDA for their dedication and persistent efforts, which significantly contributed to the outstanding financial performance.

Notably, IREDA has set a new benchmark by publishing its Annual Audited Financial Results within just 19 days, the fastest publication of Audited Results in the Banking and NBFC space, surpassing SEBI's 60-day deadline. This achievement follows last year's record of publishing the results within 25 days.

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