Key Points
IREDA secures 5-year unsecured loan with 7% landed cost
Loan strengthens global market presence for green financing
IREDA reports 26.8% jump in Q3 net profit
Total loan book expands to Rs 68,959 crore
This five-year unsecured facility, with bullet payment at maturity, is set to strengthen IREDA’s global market presence, according to a stock exchange filing by the country’s largest pure-play green financing NBFC.
The landed cost, after hedging, is expected to be below 7 per cent for the External Commercial Borrowing, making it more cost-effective than similar-tenure loans in the domestic market, according to the IREDA statement.
Commenting on the agreement, Pradip Kumar Das, Chairman and Managing Director, IREDA, said, “This facility enables us to diversify our resource base and optimise costs, enhancing our lending operations to support India’s renewable energy sector. The transaction reflects the strong confidence of global investors in IREDA’s financial stability and growth potential.”
IREDA continues to enjoy an international credit rating of ‘BBB-' long-term and 'A-3' short-term with Outlook ‘Stable’ from S&P Global, underscoring its highest standards of corporate governance and credibility in international markets.
IREDA reported a 26.8 per cent jump in net profit to Rs 425.37 crore for the October-December quarter of the current financial year from the corresponding of Rs 335.54 crore in the same quarter of the previous year.
The Government-owned NBFC recorded a revenue of Rs 1,698.99 crore during the third quarter, which represents a 35.57 per cent increase compared to Rs 1,253.20 crore in Q3 FY 2023-24.
IREDA’s loan sanctions for the third quarter recorded a 45.01 per cent surge to Rs 13,226.81 crore compared to Rs 9,121.11 crore in the same quarter of the previous year, while loan disbursements for the quarter reached Rs 7,448.96 crore, up by 25.27 per cent from Rs 5,946.45 crore.
IREDA’s total loan book has expanded to a robust Rs 68,959.61 crore, showing a 36.34 per cent increase compared to Rs 50,579.67 crore in Q3 FY 2023-24. The company’s net worth has strengthened to Rs 9,842.07 crore, registering a 20.99 per cent growth from Rs 8,134.56 crore in Q3 FY 2023-24. Its earnings per share (EPS) improved to Rs 1.58, growing by 15.03 per cent from Rs 1.38 in the same quarter of the previous fiscal.
