The profit after tax (PAT) fell more sharply on a sequential basis by 51% as the power NBFC had reported a net profit of Rs 502 crore in January-March quarter of FY25. The topline saw a 2.6% growth on the quarter-on-quarter basis versus Rs 1,861 crore in Q4FY25.
IREDA on Gensol
IREDA has disclosed to the exchanges that it received an interim SEBI report on April 16, 2025, highlighting irregularities in the operations of its borrower, Gensol Engineering Ltd (GEL). Following an internal investigation, IREDA filed a complaint with the Economic Offences Wing (EOW) for document falsification and fund misappropriation by GEL. Subsequently, IREDA invoked guarantees worth over Rs 81.62 crore and converted them into loans.
The company has now recalled the loan and filed insolvency proceedings under IBC and recovery applications with the Debt Recovery Tribunal against GEL and its associate Gensol EV Lease Pvt. Ltd. for Rs 510.01 crore and Rs 218.95 crore, respectively. The loans have been downgraded to NPAs and appropriate provisions have been made.
More to come…
