IREDA targets ₹4,350 crore revenue in FY24; ₹5,220 crore in FY25

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₹4,350 crore revenue this financial year, and ₹5,220 crore next year. The company has signed a performance-based MoU with the ministry of new and renewable energy (MNRE) in this regard.

The company had recorded revenue from operations of ₹3,482 crore in the preceding fiscal year, against a target of ₹3,361 crore, the ministry said. The government, in the agreement, has defined key performance parameters including return on net worth, return on capital employed, NPA to total loans ratio, asset turnover ratio, and earnings per share, among others, it said.

IREDA CMD Pradip Kumar Das said: "The company marked an impressive 272 per cent jump in loan disbursements and a 30 per cent growth in Profit After Tax (PAT) during the first quarter of FY24, compared to the corresponding period in FY23." The company also reported a reduction in net non-performing assets (NPAs), lowering the figure to 1.61% in the first quarter of FY24 from 2.92% in Q1 FY23, he added. The CMD 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 August 2023, has financed 3,137 renewable energy projects with cumulative loan sanction of ₹1,55,694 crore and loan disbursement of ₹1,05,245 crore and has supported renewable energy capacity addition of 22,061 MW in the country. IREDA, under the ministry of new and renewable energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.