IREDA targets Rs 4,350 crore revenues in FY24; Rs 5,220 crore in FY25 – EQ Mag
IREDA achieved a revenue from operations of ₹3,482 crore in FY23, against a target of ₹3,361 crore.
The Ministry of New and Renewable Energy (MNRE) on Monday said it has set the revenue targets for the State-run RE sector financier Indian Renewable Energy Development Agency (IREDA) for FY24 and FY25.
The government has set a revenue from operations target for IREDA of ₹4,350 crore for FY24 and ₹5,220 crore for FY25.
The funding agency, which is expected to float its IPO this fiscal year, inked a memorandum of understanding (MoU) with the MNRE, which is in alignment with guidelines issued by the Department of Public Enterprises outlining strategic targets for the two financial years, the Ministry said.
The government has also specified other key performance parameters in the MoU, including Return on net worth, Return on capital employed, NPA to Total loans ratio, Asset turnover ratio, and Earnings per share.
FY23 performance
IREDA achieved a revenue from operations of ₹3,482 crore in FY23, against a target of ₹3,361 crore.
IREDA CMD Pradip Kumar Das recalled that 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 same period in FY23.
IREDA achieved a remarkable reduction in Net Non-Performing Assets (NPAs), lowering the figure to 1.61 per cent in Q1 FY24 from 2.92 per cent in Q1 FY23.
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, Das noted.
As of August 21, 2023, the company had financed 3,137 Renewable Energy projects with a cumulative loan sanction of ₹1,55,694 crore and a loan disbursement of ₹1,05,245 crore and had supported a renewable energy capacity addition of 22,061 megawatts (MW) in the country.
