IREDA Q4 Net Profit Jumps 33% to Rs 337 Crore, FY24 Profit Hits Record High

Highlights:

• IREDA’s Q4 FY24 net profit jumps 33% to Rs 337.37 crore
• Total income rises to Rs 1,391.63 crore in Q4 FY24
• Expenses stand at Rs 911.96 crore in Q4 FY24
• FY24 profit hits record high of Rs 1,252.23 crore, up 44.83% from FY23

State-owned Indian Renewable Energy Development Agency Ltd (IREDA) reported a 33% increase in its net profit to Rs 337.37 crore for the fourth quarter (Q4) of financial year 2023-24 (FY24). The company’s profit was primarily driven by higher revenue.

IREDA’s total income rose to Rs 1,391.63 crore in Q4 FY24 from Rs 1,036.31 crore a year ago. Its expenses for the period under review stood at Rs 911.96 crore, compared to Rs 747.93 crore in the corresponding period of the previous year.

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The company’s net profit for the full year FY24 reached a record high of Rs 1,252.23 crore, up 44.83% from Rs 864.62 crore in FY23. It had clocked a net profit of Rs 253.61 crore during the January-March quarter of FY23.

IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution.