IREDA reports 42% increase in Q2 profits on clean energy loan growth
The Indian Renewable Energy Development Agency posted on Tuesday a 42% increase in its second-quarter profit, aided by a robust growth of green lending.
Profits for the renewable energy financier grew from 3.88 billion to 5.49 billion rupees (about $61.8 million) during the three-month period ended September 30, compared with the previous year's quarter.
The interest income grew by 28.7%, to 20.30 billion Rupees.
Earnings from the firm come at a time when major players in India are expanding their renewable energy capacities, both to export and because India is targeting 500 gigawatts in non-fossil capacity by 2030.
IREDA's gross lending book was 762.82 bn rupees (8.6 bn dollars) in fiscal 2025. Solar energy projects accounted for the majority of this amount, followed by wind. The company is now positioned as a major financier for India's clean-energy transition.
IREDA, the only NBFC exclusively focused on green power in India, competes with broader lenders of the power sector, such as Power Finance Corporation and REC. Both have yet to announce earnings.
Following the results, shares of IREDA rose 2%.
(source: Reuters)