State-owned renewable sector non-banking finance company, Indian Renewable Energy Development Agency Ltd (IREDA) on Friday (April 19) reported a 33% year-on-year (YoY) jump in net profit at ₹337.4 crore for the fourth quarter that ended March 31, 2024.
In the corresponding quarter, IREDA posted a net profit of ₹253.6 crore, the company said in a regulatory filing.
Net interest income (NII), which is the difference between the interest income a bank earns from its lending activities and the interest it pays to depositors, increased 35.1%, coming at ₹481.4 crore against ₹356.4 crore in the corresponding quarter of FY23.
Also Read: Ircon International faces ₹43-crore VAT demand for 2014-15
Its expenses were ₹911.96 crore in the period under review against ₹747.93 crore in the year-ago period.
IREDA, 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 related to new and renewable sources of energy and energy efficiency/conservation.
The results came after the close of the market hours. Shares of Indian Renewable Energy Development Agency Ltd ended at ₹160.80, down by ₹2.30, or 1.41%, on the BSE.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
