IREDA signs MoU with MNRE, setting annual performance target for the year 2022-23

Indian Renewable Energy Development Agency Ltd. (IREDA) signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), Government of India, setting annual performance targets for the year 2022-23. The MOU was signed by Shri Bhupinder Singh Bhalla, Secretary, MNRE and Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA today in the presence of senior officials from MNRE & IREDA.

The Government of India has set a target ₹ 3,361 crores for Revenue from Operation, up by approx. 18% from the previous year’s 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.

Shri Pradip Kumar Das highlighted that IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets. The company has posted a 67% jump in Profit After Tax (PAT) in the 2nd Quarter of FY 2022-23, as compared to the corresponding period during FY 2021-22. Most importantly, Net NPAs have been reduced from 4.87% to 2.72% in Quarter 2, as compared to the 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 of 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 crores & ₹ 90,037 crores respectively and has supported Renewable Energy capacity addition of 19,502 MW in the country.

Disclaimer: This is an official press release by PIB.