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Follow UsIndian Renewable Energy Development Agency (IREDA), a Mini Ratna (Category – I) Government of India enterprise, today signed a performance-based MoU with the Ministry of New and Renewable Energy, Government of India.
The MoU outlines strategic targets that IREDA aims to achieve during the fiscal years 2023-24 and 2024-25, the release said.
As per the MoU, the Government of India has set a Revenue from Operations target for IREDA of Rs 4,350 crore for the financial year 2023-24 and Rs 5,220 crore for 2024-25. Notably, the company had achieved a Revenue from Operations figure of Rs 3,482 crore in the preceding fiscal year, against a target of Rs 3,361 crore.
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.
CMD, IREDA emphasized the company’s outstanding track record of performance over the past three financial years, positioning the company well to achieve these ambitious targets. The CMD recalled that the company marked a 272% jump in Loan Disbursements and a 30% growth in Profit After Tax (PAT) during the first quarter of FY 2023-24, compared to the corresponding period in FY 2022-23.
IREDA also achieved a remarkable reduction in Net Non-Performing Assets (NPAs), lowering the figure to 1.61% in Q1, FY 2023-24 from 2.92% in Q1, FY 2022-23. These achievements underscore IREDA's dedication to maintaining financial stability while promoting the Renewable Energy sector, said the CMD.
So far, the company has financed 3,137 Renewable Energy projects with cumulative loan sanction of Rs 1,55,694 crore and loan disbursement of Rs 1,05,245 crore and has supported Renewable Energy capacity addition of 22,061 MW in the country.
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