IREDA Board Approves Interim Financials, Fundraising Plan via QIP

New Delhi, February 1, 2025 – The Indian Renewable Energy Development Agency Limited (IREDA) (NSE: IREDA, BSE: 544026) has announced the approval of its Special Purpose Interim Financial Statements for the nine months ended December 31, 2024. The Board of Directors sanctioned these statements along with the Special Purpose Audit Report to facilitate a proposed Qualified Institutions Placement (QIP) of equity shares, in accordance with SEBI (ICDR) Regulations, 2018.

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Key Financial Highlights (₹ in Crores)​

Particulars	9M FY25	9M FY24	YoY Growth (%)
Interest Income	4,714.25	3,493.80	34.8%
Total Revenue	4,840.07	3,573.67	35.4%
Finance Cost	3,037.31	2,316.87	31.1%
Net Profit	1,196.81	914.83	30.9%
Total Comprehensive Income	1,279.65	843.42	51.7%

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Segment-Wise Performance​

• Interest Income saw a robust 34.8% YoY growth, reaching ₹4,714.25 crore.
• Loan Book Expansion: Loans at amortized cost grew significantly to ₹68,045.82 crore, up from ₹49,767.06 crore in the previous year.
• Total Liabilities and Equity stood at ₹73,264.31 crore as of December 31, 2024.

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Fundraising via QIP​

The Board's approval of the Special Purpose Interim Financial Statements is a preparatory step for equity fundraising via QIP to strengthen the capital base for further growth.

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Auditor’s Observations​

Shiv & Associates, IREDA’s independent auditors, issued a clean audit opinion, affirming compliance with Ind AS 34 and RBI guidelines. However, key points of emphasis include:

1. ₹1,103.68 crore in loans classified as Stage II instead of Stage III due to interim court orders.
2. IREDA’s wholly owned subsidiary in GIFT City, IREDA Global Green Energy IFSC Ltd, has yet to commence operations.

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CEO Commentary​

"Our strong financial performance demonstrates IREDA’s continued commitment to funding renewable energy projects in India. The planned equity raise via QIP will enable us to accelerate growth and expand financing opportunities in the renewable sector," said Pradip Kumar Das, Chairman & Managing Director.

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Outlook​

IREDA remains strategically positioned to benefit from India’s growing renewable energy sector, supported by government initiatives and green financing mechanisms. The company's strong loan growth, stable asset quality, and planned capital infusion will aid its expansion and profitability in the coming quarters.