Das says IREDA marked an impressive 272% jump in Loan Disbursements
The Indian Renewable Energy Development Agency (IREDA) has been given a higher revenue from operations target of Rs.4,350 crores for the financial year 2023-24 and Rs.5,220 crores for 2024-25, following on to its success in having achieved Rs.3,482 crores in the preceding fiscal year, against a target of Rs.3,361 crores.
The government has also specified other key performance parameters in the IREDA-Ministry of New and Renewables (MNRE) MoU, including Return on Net Worth, Return on Capital Employed, NPA to Total Loans Ratio, Asset Turnover Ratio and Earnings per Share.
The MoU was signed by Secretary, MNRE, Bhupinder Singh Bhalla, and Chairperson & Managing Director (CMD), IREDA, Pradip Kumar Das, at Atal Akshay Urja Bhawan, New Delhi on 21 Aug 2023. Other senior officials of MNRE and IREDA were also present on the occasion.
Das emphasized that the company’s outstanding track record of performance over the past three financial years, positioned the company well to achieve these ambitious targets.
He recalled that the company marked an impressive 272% jump in Loan Disbursements and a 30% growth in Profit After Tax (PAT) during the first quarter of FY 2023-24, compared to the corresponding period in FY 2022-23.
Demonstrating sensible financial management, IREDA also achieved a remarkable reduction in Net Non-Performing Assets (NPAs), lowering the figure to 1.61% in Q1, FY 2023-24, from 2.92% in Q1, FY 2022-23.
These achievements underscore IREDA’s dedication to maintaining financial stability while promoting the Renewable Energy sector, Das said.
He also informed that IREDA’s track record of consistent excellence is evident by its ‘Excellent’ rating and over 96 marks secured for the MoU in the preceding three financial years. The company, as on 21 Aug 2023, has financed 3,137 Renewable Energy projects with cumulative loan sanction of Rs.155,694 crores and loan disbursement of Rs.105,245 crores, supporting Renewable Energy capacity addition of 22,061 MW in the country. Fiinews.com
