Last Updated on January 24, 2024 by BFSLTeam BFSLTeam
Table of Content
Key Financial Highlights
In the third quarter and the cumulative period of nine months (9M) for the fiscal year 2023-24, the company’s performance reflects significant growth and financial strength:
Income from Operations:
- For 9M FY24: ₹3,573 crores, up by 46% from ₹2,446 crores in 9M FY23.
- For Q3 FY24: ₹1,253 crores, a 44% increase from ₹869 crores in Q3 FY23.
Profit After Tax (PAT):
- For 9M FY24: ₹915 crores, up by 50% from ₹611 crores in 9M FY23.
- For Q3 FY24: ₹336 crores, a substantial 67% increase from ₹201 crores in Q3 FY23.
Loan Book:
- As of 31.12.2023: ₹50,580 crores, witnessing a remarkable 33% increase from ₹37,888 crores on 31.12.2022.
Net-worth:
- As of 31.12.2023: ₹8,135 crores, reflecting a substantial 45% growth from ₹5,591 crores on 31.12.2022.
Non-Performing Assets (NPAs):
- Gross NPAs at 2.90% on 31.12.2023, demonstrating a notable 32% reduction from 4.24% on 31.12.2022.
- Net NPAs at 1.52% on 31.12.2023, showcasing a commendable 25% reduction from 2.03% on 31.12.2022.
Q3 FY24 compared to Q3 FY23:
The outstanding borrowings for Q3 FY24 show a notable change compared to Q3 FY23, reflecting a percentage change.
9M FY24 compared to 9M FY23:
The cumulative outstanding borrowings for the first nine months of FY24 exhibit a percentage change when compared to the same period in FY23.
Hedged Exposure of Foreign Borrowing:
The company maintains a hedged exposure of 79.19% for foreign borrowings, ensuring risk mitigation in currency fluctuations.
Net Proceeds from IPO:
The company generated Rs. 1,258.95 crores in net proceeds from its Initial Public Offering (IPO), contributing to its financial position.
Additional Read: Q3 Results Dashboard
Key financials for Q3 | 9M FY24
Rs in crores
| Q3 FY24 | Q2 FY24 | Q3 FY23 | 9M FY24 | 9M FY23 | For Q3/Q3 | Period 9M / 9M | ||
Profit and Loss | Revenue from operations | 1253 | 1177 | 869 | 3573 | 2446 | 44% | 46% |
| Interest Expense | 760 | 793 | 524 | 2317 | 1451 | 45% | 60% | |
| Operating Profit | 386 | 380 | 235 | 1206 | 851 | 65% | 42% | |
| Profit after Tax | 336 | 285 | 201 | 915 | 611 | 67% | 50% | |
| Asset Quality | Gross NPA1 | – | – | – | 1465 | 1608 | – | -9% |
| Net NPA1 | – | – | – | 757 | 753 | – | 1% | |
| Assets and Net Worth | Outstanding Loan book1 | – | – | – | 50580 | 37888 | – | 33% |
| Net worth1 | – | – | – | 8135 | 5591 | – | 45% |
Key Financial Ratios:
| As at31.12.2022 | As at 31.03.2023 | As at 30.09.2023 | As at 31.12.2022 | |
| Yield on Loan Assets (%) (gross) | 9.87% | 9.77% | 9.68% | 9.82% |
| Average Cost of Borrowing (%) | 7.82% | 7.85% | 7.84% | 7.68% |
| Interest Spread (%) | 2.05% | 1.92% | 1.84% | 2.14% |
| Net Interest Margin(%)- Annualised | 3.20% | 3.16% | 2.82% | 3.41% |
| Debt Equity Ratio | 5.13 | 6.06 | 6.77 | 5.70 |
| CRAR (%) | 23.88% | 20.92% | 18.82% | 20.95% |
| Earning Per Share (Rs)-Not Annualised | 3.91 | 2.54 | 3.78 | 2.67 |
| Provision Coverage Ratio (Stage III) | 48.33% | 48.11% | 49.25% | 53.20% |
Additional Check: IREDA Share Price
About IREDA
IREDA, India’s largest pure-play green financing Non-Banking Financial Company (NBFC), holds a strategic position in the Government of India’s initiatives aimed at promoting and developing the Renewable Energy (RE) sector. With a remarkable track record spanning over 36 years, IREDA is distinguished by its commitment to upholding high standards of corporate governance. Being 75% owned by the Government of India, it boasts the highest credit rating of ‘AAA/Stable.’ The company has garnered significant recognition, dominating the 13th PSE Excellence Awards with five accolades, including the prestigious “CMD of the Year” under the Mini-Ratna category for two consecutive years. IREDA operates as a Mini Ratna (Category I) Central Public Sector Enterprise and has consistently received an ‘Excellent’ rating as per the Memorandum of Understanding (MOU) with the Ministry of New and Renewable Energy (MNRE) since Fiscal 2021. As the nodal agency for various prominent MNRE schemes, IREDA holds the status of an Infrastructure Finance Company by the Reserve Bank of India (RBI) and is classified as a Systemically Important Non-Deposit Taking NBFC by the same regulatory body. The recent upgrade by the Government of India to ‘Schedule A’ CPSE further solidifies IREDA’s pivotal role in driving sustainable and impactful financing initiatives in the green energy space.
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