Indian Renewable Energy Development Agency Limited (IREDA) witnessed a 5% increase in its shares, which were consequently locked in the upper circuit on Tuesday.

This surge was attributed to the robust business performance reported by IREDA for the quarter and the fiscal year ending on March 31, 2024, on a provisional basis.

During the financial year 2023–2024, IREDA achieved its highest-ever loan sanctions at Rs 37354 Crore and loan disbursements at Rs 25089 Crore. The Loan Book demonstrated a record surge of 26.71% to Rs 59650 crores, as indicated in the company’s filing on the exchanges post-market hours on Monday.

The Loan outstanding book at Rs 59,650 crore during FY24 surged by 26.71% over the Rs 47,076 crore during FY23.

The loans sanctioned during FY24 amounted to Rs 37,354 crore, marking a 14.63% increase from the Rs 32,587 sanctioned in FY23. Notably, the loan sanctions for the quarter ending March 31 2024, doubled to Rs 23,796 crore compared to Rs 11,797 in the corresponding quarter of the previous year, significantly bolstering IREDA’s performance during FY24.

Furthermore, the loans disbursed during FY24 totalled Rs 25,089 crore, reflecting a 15.94% increase from the Rs 21,639 crore disbursed previously. The disbursements during Q4FY24 amounted to Rs 12,869 crore, representing a 13.98% increase over the year-ago quarter.

IREDA reported a remarkable 67% increase in Profit After Tax (PAT) in Q3FY24, reaching Rs 335.54 crores. This achievement was attributed to the consistent expansion of the Loan Book and a significant decline in Net Non-Performing Assets (NPAs) from 2.03% to 1.52% annually.

As a government-owned entity, IREDA plays a strategically significant role in the growth and advancement of the Renewable industry in India. The lender benefits from a steady average cost of capital due to the government’s ownership.

At 2:49 pm, the shares of IREDA were trading 4.98% higher at Rs 149.75 on NSE.