Total operating expenditure rose 41.9% to Rs 821.14 crore in Q2 FY24 over Q2 FY23. During the quarter, interest expense stood at Rs 759.97 crore (up 45.1% YoY), while employee benefits expense was at Rs 19.33 crore (up 15.8% YoY).

This strong performance is attributed to consistent growth in the loan book and a significant reduction in net non-performing assets (NPAs). The company's loan book has increased by 33.50% to reach Rs 50,579.67 crore, while the net worth has grown by 45.49% to Rs 8,134.56 crore. Additionally, there has been a reduction of 25% in net NPAs, which are now at 1.52%, and a reduction of 31.70% in gross NPAs, which are now at 2.90%.

IREDA is a financial institution with over 36 years of experience in the business of promoting, developing, and extending financial assistance for new and renewable energy (RE) projects, and energy efficiency and conservation (EEC) projects. It provides a comprehensive range of financial products and related services, from project conceptualisation to post-commissioning, for RE projects and other value chain activities, such as equipment manufacturing and transmission.

IREDA is a Government of India (GoI) enterprise under the administrative control of the Ministry of New and Renewable Energy (the MNRE). It is also conferred with the Mini Ratna (Category-I) status. As on December 2023, GoI held 75% stake in IREDA

The scrip entered the stock exchanges on 29 November 2023. It was listed at Rs 50, exhibiting a premium of 56.25% over the issue price of Rs 32. On that day, it settled at Rs 59.99, a premium of 87.47% over the issue price.