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IREDA signs MoU with MNRE, setting ₹ 3,361 crore annual revenue target

By IndianMandarins- 21 Jan 2023
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ireda-signs-mou-with-mnre-setting-3-361-crore-annual-revenue-target

New Delhi (21.01.2023): Indian Renewable Energy Development Agency Ltd. (IREDA) signed a Memorandum of Understanding (MoU) with Ministry of New and Renewable Energy (MNRE), Government of India, setting annual performance target for the year 2022-23. The MOU was signed by Bhupinder Singh Bhalla, Secretary, MNRE and Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA in the presence of senior officials from MNRE & IREDA.
The Government of India has set a target ₹ 3,361 crore for Revenue from Operation, up by approx. 18 per cent from the previous year achievement. The Government of India has also set various performance-related key parameters such as Return on Net Worth, Return on Capital Employed, NPA to Total Loans, Asset Turnover Ratio and Earning per share, etc.
IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets. The company has posted 67 per cent jump in Profit After Tax (PAT) in Second Quarter of FY 2022-23, as compared to corresponding period during FY 2021-22. Most importantly, Net NPAs have been reduced from 4.87 per cent to 2.72 per cent in Quarter 2, as compared to corresponding period during FY 2021-22.
IREDA has demonstrated exceptional performance by securing 96.54 marks for the MoU of FY 2021-22. The company as on date, has financed more than 3,068 Renewable Energy projects loan accounts with cumulative loan sanction and disbursement to the tune of ₹ 1,41,622 crore & ₹ 90,037 crores respectively and has supported Renewable Energy capacity addition of 19,502 MW in the country.

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