IREDA

3rd July, 2023 Environment

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Context

36th Annual General Meeting Indian Renewable Energy Development Agency Ltd. (IREDA) was held in New Delhi at India Habitat Centre.
Annual accounts for the financial year 2022-23, which demonstrated remarkable achievements, were adopted.

Other Details

Figures and facts related to progress and achievement of IRDEA were presented to shareholders by CMD of IREDA Pradip Kumar Das.
Every parameter given below showed a significant improvement over last fiscal year.
Details/overview of company shared with shareholders is given below -
- It achieved the highest-ever annual loan sanction amounting to ₹ 32,586.60 crore.
- Loan Disbursements showed an annual growth of 35% compared to last year which is ₹ 21,639.21 crore.
- ₹ 47,076 crore Loan Book
- ₹ 1,139.25 crore Profit Before Tax and ₹ 63 crore Profit After Tax
- ₹ 5,935.17 crore Net Worth

Highlights of the Overview

It reiterated its aim to facilitate efficient and ethical business practices without compromising on the values of corporate governance, transparency and business ethics.
It reiterated its commitment to maintain strong asset quality.
Structured recovery, monitoring mechanism, quarterly and monthly review helped in improving performance related to NPA ratios in time bound manner.
- Gross NPA - 3.21% (in FY 22 it was 5.21%)
- Net NPA - 1.66% (in FY 22 it was 3.12%)

Other Initiatives

Partnerships with green energy developers
raise awareness of new products like E-mobility, Green Hydrogen, and Green Transmission
eggs

IREDA

It is a Mini Ratna company of category 1, established in the year 1987 as a Non-Banking Financial Institution.
Ministry of New and Renewable Energy has administrative control of IREDA.
Vision of IREDA is to expand and promote sustainability and affordability in the renewable energy sector in the country.
In fiscal year 2023 IREDA published Annual Audited results within 25 days after the financial year ended (against the allowed period of 60 days); hence it became the first Central Public Sector Enterprise to do so.
Also within 90 days after the conclusion of the financial year, it holds the AGM. It is a testimony of sound business practices and efficient management of IREDA.