Indian Renewable Energy Development Agency (IREDA) Q3 24/25 earnings summary

Executive summary

• India's largest pure-play green financing NBFC with over 37 years of experience, playing a strategic role in government renewable energy initiatives and recognized for corporate governance, operational excellence, and wealth creation, with a strong credit rating of 'AAA/Stable'.

• Upgraded to 'Navratna' and 'Schedule A' CPSE, with a wholly owned subsidiary in GIFT City for foreign currency financing, though no operational activity yet.

• Audited financial results for the quarter and nine months ended December 31, 2024, were approved by the Board and show strong profitability and growth year-over-year.

Financial highlights

• Revenue from operations for Q3 FY25 rose 36% year-over-year to Rs 1,698 crore; 9M FY25 revenue up 35% to Rs 4,838 crore.

• Profit after tax for Q3 FY25 increased 27% year-over-year to Rs 425 crore; 9M FY25 PAT up 31% to Rs 1,197 crore.

• Operating profit for Q3 FY25 grew 51% year-over-year to Rs 652 crore; 9M FY25 up 40% to Rs 1,610 crore.

• Outstanding loan book as of Dec 31, 2024, stood at Rs 68,960 crore, up 36% year-over-year.

• Net worth increased 21% year-over-year to Rs 9,842 crore as of Dec 31, 2024.

Outlook and guidance

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

• Funds raised through private placement in Q3 FY25 (₹3,500 crore) will be used for on-lending to renewable energy projects and general corporate purposes, with no deviation from stated objectives.