IREDA achieves a record increase of loan sanction and loan disbursement by 117% and 82% respectively – EQ Mag Pro

Profit jumps 83% to all-time high of Rs 634 cr

IREDA achieves record increase of loan sanction and loan disbursement by 117% and 82% respectively

Indian Renewable Energy Development Agency (IREDA) reported historic all-time high annual Profit After Tax (PAT) of Rs. 634 Crores and Profit Before Tax (PBT) of Rs. 834 Crores in the FY 2021-22 in midst of second and third waves of Covid Pandemic during the year, registering a massive growth of 82.88% and 46.41%, respectively over FY 2020-21.

The Board of Directors of IREDA approved the Audited Financial Results for Financial Year 2021-22 in a meeting held today while lauding the company’s outstanding performance under challenging conditions.

The Loan Book of IREDA, a NBFC under MNRE, Government of India, has grown from Rs. 27,854 as on 31st March 2021 to Rs. 33,931 Crores as on 31st March 2022 (registering a growth of 21.82%). The company registered highest-ever loan sanction of Rs. 23,921 Crores (growth of 117.44% to the previous year sanction of Rs. 11,001 Crores).

The loan disbursement of Rs. 16,071 Crore is the highest in the company’s history and a record increase by 82% from the previous year. The net-worth of the company as on 31st March 2022 has reachedRs. 5,268 Crores as against Rs. 2,995 Crores ending 31st March 2021 (increase by 75.89 %), which includes equity infusion of Rs.1,500 Crores on 28th March 2022 by Government of India.

The annual financial highlights for the FY 2021-22 as against FY 2020-21 are as follows:

• Profit Before Tax- Rs. 834 Crores as against Rs. 570 Crores (up by 46.41%)
• Profit After Tax- Rs. 634 Crores as against Rs. 346 Crores (up by 82.88%)
• Loan Sanction-Rs. 23,921 Crores as against Rs. 11,001 Crores (up by 117.44%)
• Loan Disbursement- Rs. 16,071 Crores as against Rs. 8,827 Crores (up by 82.06%)
• Loan Book- Rs. 33,931 Crores as against Rs. 27,854 Crores (up by 21.82%)
• Net-worth- Rs. 5,268 Crore as against Rs. 2,995 Crores (up by 75.89%)
• Net NPA- 3.12% as against 5.61% (reduction by 44.39%)

On this occasion, Shri Pradip Kumar Das, Chairman & Managing Director, IREDA conveyed his sincere gratitude to the PMO, MNRE, MoF among others for constantly guiding IREDA and extending its support at every juncture, especially for realising the awaited equity infusion. He conveyed his sincere gratitude to Shri R K Singh, Hon’ble Union Minister of Power, New and Renewable Energy and Shri BhagawanthKhuba, Hon’ble Minister of State, New and Renewable Energy for their continuous guidance and facilitation. Shri Das also placed on record the gratitude of the company for the abiding support received from Secretary, MNRE, Senior Officials of MNRE and Board of Directors of IREDA.

Shri Das further mentioned that the remarkable achievements would not have been possible without regular co-operation and support of Statutory Auditors, RBI, and other stakeholders. Shri Das lauded the dedicated team of employees of IREDA for their commitment and relentless efforts that made the high level of results possible. He also reiterated that, “IREDA promotes transparency, good-governance and a proactive approach to ensure that the entire value chain in the operations of IREDA is happy and proudly sustains the feeling of ‘Once IREDA, Always IREDA’.”