Government-owned lender Indian Renewable Energy Development Agency (IREDA) posted a profit of ₹2.54 billion (~$31 million) for the fourth quarter (Q3) of the financial year (FY) 2022-23, a jump of 12% year-over-year (YoY).

The growth in profit is attributable to a sharp fall in IREDA’s non-performing assets, which have seen a decline to 1.66% in FY 2022-23 from 3.12% in FY 2021-22, which translates to a significant reduction of 47% in percentage terms on a year-on-year basis.

For the January-March period, the lender’s revenue came in at ₹10.36 billion (~$126.7 million), an increase of 38.87% YoY.

Full Year

For the full year, the company recorded a profit of ₹8.65 billion (~$105 million), an increase of 36.4% YoY.

The total income came in at ₹34.83 billion (~$425.9 million), a 21% increase YoY.

The loan book of IREDA has experienced a significant increase from ₹339.31 billion (~$4.1 billion) as of March 31, 2022, to ₹470.76 billion (~$5.7 billion) as of March 31, 2023, indicating a growth rate of 39%.

The company has accomplished a historic high in annual loan approvals of ₹325.87 billion (~$3.9 billion) and disbursements of ₹216.39 billion (~$2.6 billion) in the financial year 2022-23, a 36% and 35% rise, respectively, compared to the previous financial year.

IREDA approved ₹327.6 billion (~$4 billion) worth of loans as on March 27, up 37% YoY.

The agency is also implementing a program to set up manufacturing capacities of vertically integrated high-efficiency solar modules under the production-linked incentive program. IREDA announced PLI totaling ₹44.5 billion (~$597.98 million) for a capacity of 10,483 MW.