Indian Renewable Energy Development Agency (IREDA) Q2 24/25 earnings summary

Executive summary

• India's largest pure-play green financing NBFC with over 37 years of experience and a strategic role in renewable energy sector development.

• Upgraded to 'Schedule A' CPSE, granted Navratna status, and received AAA (Stable) credit ratings from multiple agencies.

• Board approved unaudited financial results for the quarter and half year ended September 30, 2024, with a limited review by auditors confirming no material misstatements.

• Incorporated a wholly owned subsidiary in GIFT City for foreign currency financing; operational activity pending commencement certificate.

Financial highlights

• Revenue from operations for Q2 FY25 rose 38% year-over-year to ₹1,630 crore; H1 FY25 revenue up 35% to ₹3,140 crore.

• Net profit after tax for Q2 FY25 was ₹387.75 crore, compared to ₹284.73 crore in Q2 FY24; H1 FY25 PAT up 33% to ₹771 crore.

• Total comprehensive income for H1 FY25 was ₹880.07 crore, up from ₹418.75 crore in H1 FY24.

• Net worth increased 36% year-over-year to ₹64,564 crore as of Sep 2024.

• Paid-up equity share capital as of September 30, 2024, stood at ₹2,687.76 crore.

Outlook and guidance

• Positive outlook for India's renewable energy sector, supported by major policy announcements and ambitious targets for non-fossil fuel capacity by 2030.

• No defaults in debt servicing; all obligations met as of September 30, 2024.

• Funds raised through private placement of non-convertible securities during the quarter were fully utilized for renewable energy project lending and general corporate purposes, with no deviations.