Das actively engages green energy developers
Indian Renewable Energy Development Agency Ltd (IREDA) aims to raise awareness of new products and has already launched financing solutions for emerging areas such as E-mobility, Green Hydrogen and Green Transmission.
Announcing this on 30 June 2023, IREDA Chairman & Managing Director Pradip Kumar Das informed shareholders that his group actively engages in partnerships with green energy developers to recognize their evolving requirements for financial products.
IREDA has also closed or upgraded 18 non-performing project loan accounts, recovering loans amounting to Rs.202.43 crore.
“These efforts contributed to a healthy improvement in the NPA ratios at the end of FY 23,” said Das.
He highlighted the implementation of a structured recovery and monitoring mechanism, which includes monthly internal status reviews and quarterly interactions with borrowers.
The results were:
3.21% Gross NPA, a significant decrease from 5.21% in FY 22;
1.66% Net NPA, showing substantial improvement from 3.12% in FY 22.
The CMD said that IREDA is committed to upholding the highest standards of corporate governance, transparency and business ethics to facilitate efficient and ethical business practices.
In FY 23, IREDA achieved a significant milestone by becoming the first Central Public Sector Enterprise to publish its Annual Audited results within 25 days after the end of the financial year.
This accomplishment is particularly noteworthy considering that SEBI allows a period of 60 days for such disclosures.
IREDA held its 36th Annual General Meeting (AGM) in New Delhi on 30 June 2023.
Das said, “IREDA has accomplished its highest-ever annual loan sanction, loan disbursement, loan book, profit and net worth.”
Stating that the performance has been outstanding, the CMD provided a snapshot of the company’s performance in FY 23:
Rs.3,2586.60 crore Loan Sanction (36.23% increase compared to FY 22)
Rs.21,639.21 crore Loan Disbursement (34.65% growth compared to FY 22)
Rs.47,076 crore Loan Book (38.75% growth compared to FY 22)
Rs.1,139.25 crore Profit Before Tax and Rs.864.63 crore Profit After Tax (36.63% and 36.48% increase respectively compared to FY 22)
Rs.5,935.17 crore Net Worth (12.66% growth compared to FY 22).
IREDA is a Mini Ratna (Category – I) Government of India enterprise under the administrative control of Ministry of New and Renewable Energy. Fiinews.com
