IREDA Q4 Results | Net profit jumps 33%, net interest income up 35%

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State-owned renewable sector non-banking finance company, Indian Renewable Energy Development Agency Ltd (IREDA) on Friday (April 19) reported a 33% year-on-year (YoY) jump in net profit at ₹337.4 crore for the fourth quarter that ended March 31, 2024.

In the corresponding quarter, IREDA posted a net profit of ₹253.6 crore, the company said in a regulatory filing.

Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 35.1%, coming at ₹481.4 crore against ₹356.4 crore in the corresponding quarter of FY23.

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Its expenses were ₹911.96 crore in the period under review against ₹747.93 crore in the year-ago period.

IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.

The results came after the close of the market hours. Shares of Indian Renewable Energy Development Agency Ltd ended at ₹160.80, down by ₹2.30, or 1.41%, on the BSE.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow