Ireda Q2 net profit grows 36% to Rs 3.88 Bn
ECONOMY & POLICY

Ireda Q2 net profit grows 36% to Rs 3.88 Bn

State-owned Ireda reported a 36 % rise in its profit after tax to Rs 3.87 Bn in the September quarter on higher revenues. The company had posted a profit after tax (PAT) of Rs 2.84 Bn in the July-September period of the preceding 2023-24 fiscal, it said in an exchange filing. Its total revenue from operations rose 38.52 % year-on-year to Rs 16.30 billion from Rs 11.76 billion. Ireda's loan book increased by 35.88 % to Rs 645.64.36 billion from Rs 47,514.48 crore in the same quarter a year. Ireda CMD Pradip Kumar Das said, "Q2 results reflect our unwavering dedication to advancing India's renewable energy goals. The substantial growth in loan sanctions and disbursements underscores the company's commitment to supporting green projects across the nation". Indian Renewable Energy Development Agency, 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 relating to new and renewable sources of energy and energy efficiency or conservation.

The 14th RAHSTA Expo, part of the India Construction Festival, will be held on October 9 and 10, 2024, at the Jio Convention Centre in Mumbai. For more details, visit: https://rahstaexpo.com

State-owned Ireda reported a 36 % rise in its profit after tax to Rs 3.87 Bn in the September quarter on higher revenues. The company had posted a profit after tax (PAT) of Rs 2.84 Bn in the July-September period of the preceding 2023-24 fiscal, it said in an exchange filing. Its total revenue from operations rose 38.52 % year-on-year to Rs 16.30 billion from Rs 11.76 billion. Ireda's loan book increased by 35.88 % to Rs 645.64.36 billion from Rs 47,514.48 crore in the same quarter a year. Ireda CMD Pradip Kumar Das said, Q2 results reflect our unwavering dedication to advancing India's renewable energy goals. The substantial growth in loan sanctions and disbursements underscores the company's commitment to supporting green projects across the nation. Indian Renewable Energy Development Agency, 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 relating to new and renewable sources of energy and energy efficiency or conservation.

Next Story
Resources

Tata Hitachi showcases ZAXIS 38U, SHINRAI Prime

Tata Hitachi, a pioneer in the construction and mining equipment industry, made a notable presence at the 14th Roads and Highways Sustainable Technologies and Advancement (RAHSTA) Expo, which took place at the Jio World Convention Centre in Mumbai. The company showcased its latest advancement, the newly-launched ZAXIS 38U (3.5 tonne mini excavator) and the SHINRAI Prime (backhoe loader). The ZAXIS 38U is a compact and versatile mini excavator, designed specifically to meet the evolving needs of the Indian construction sector. This machine, featuring a short tail swing radius, is engineered to ..

Next Story
Infrastructure Urban

Vedanta’s Hindustan Zinc and IIT Madras to develop zinc-air battery

Vedanta Group's Hindustan Zinc, India's largest and the world’s second-largest integrated zinc producer, has signed a memorandum of understanding (MoU) with the Indian Institute of Technology Madras (IIT Madras). The company stated that this strategic collaboration is focused on developing a pioneering 1 kWh electrically rechargeable zinc-air battery prototype, emphasizing the shared commitment of both institutions to advancing sustainable energy solutions. Although lithium-ion batteries currently dominate the market, challenges such as high costs, limited resource availability, and safety..

Next Story
Infrastructure Energy

Wind energy at a critical juncture, industry urges policy support for 2030

India's wind energy sector is at a critical juncture, with industry leaders emphasizing the need for consistent policy support to establish the country as a global leader in renewable energy production. On Thursday, JP Chalasani, CEO of Suzlon Group, highlighted that India is in a transformative phase for wind energy. He noted that with consistent policies supporting domestic manufacturing and innovation—such as enhancing RLMM requirements—India has the potential to emerge as a global hub for renewable energy production. India’s installed wind energy capacity currently exceeds 48 gigawa..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000