Indian Renewable Energy Development Agency (IREDA) Q1 24/25 earnings summary

Executive summary

• Revenue from operations for Q1 FY24-25 was ₹1,510.71 crore, up 32% year-over-year.

• Net profit after tax for Q1 FY24-25 stood at ₹384 crore, a 30% increase year-over-year.

• The company maintains a diversified loan portfolio across renewable energy sectors and geographies, supporting India's green energy transition.

• Upgraded to Navratna status and received highest credit ratings, enhancing its ability to access cost-effective funding.

• Total comprehensive income for Q1 FY25 was ₹401.87 crore, a significant increase from ₹153.35 crore in Q1 FY24.

Financial highlights

• Interest income for Q1 FY25 was ₹1,48,275.81 lakh, up from ₹1,13,272.69 lakh in Q1 FY24.

• Operating profit grew 31% year-over-year to ₹454 crore.

• Outstanding loan book expanded 34% year-over-year to ₹63,207 crore.

• Net worth as of June 30, 2024, was ₹9,110.19 crore, up from ₹6,290.40 crore a year earlier.

• Profit before tax for Q1 FY25 was ₹475.74 crore, compared to ₹439.54 crore in Q1 FY24.

Outlook and guidance

• Positive outlook for India's renewable energy sector, with ambitious government targets and supportive policy measures.

• Over 500 GW non-fossil fuel energy target by 2030, with significant government funding for sectoral growth.

• Funds raised through private placement in June 2024 (₹2,500 crore) were fully utilized for on-lending to renewable energy projects and general corporate purposes.