In the fiscal year 2022–2023, the government-owned Indian Renewable Energy Development Agency (IREDA) reported its highest-ever net profit, or profit after taxes, of Rs 865 crore, with a lower bad credit rate of 1.66 percent. The renewable energy financing firm IREDA announced its highest-ever annual Profit After Tax (PAT) of Rs 865 crore and Profit Before Tax (PBT) of Rs 1,139 crore in the fiscal year 2022–23.
The results show a large increase of 36% and 37%, respectively, over the previous fiscal year 2021–
2022. Net Non-Performing Assets (NPAs), often known as bad loans, for IREDA decreased from 3.12% in FY22 to 1.66% in FY23, a remarkable decrease of 47% (in percentage terms) on an annual basis. The IREDA Board of Directors praised the company's exceptional success and continued expansion as they accepted the audited financial figures for the financial year 2022–2023 on Tuesday. The loan book of IREDA increased by 39%, from Rs 33,931 crore as of March 31, 2022, to Rs 47,076 crore as of March 31, 2023.
In the financial year 2022–2023, the company reached record-breaking annual loan sanctions of Rs 32,587 crore and disbursements of Rs 21,639 crore, representing increases of 36% and 35%, respectively, over the FY22 loan sanctions of Rs 23,921 crore and disbursements of Rs 16,071 crore.
This represents the largest yearly loan disbursement and sanction in its history. As of the end of March 2023, the company's net value was Rs 5,935 crore, 13% more than Rs 5,268 crore the previous year. The chairman and managing director of IREDA, Pradip Kumar Das, stated that IREDA is completely dedicated to meeting the "Panchamrita" targets of the honourable prime minister and to playing a significant role in achieving the 500 GW of installed non-fossil fuel capacity by 2030.