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IREDA pacts with renewable energy ministry for setting performance target

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IREDA pacts with renewable energy ministry for setting performance targets for the years 2022–2023.

New Delhi: The Ministry of New and Renewable Energy (MNRE), Government of India, and the Indian Renewable Energy Development Agency Ltd. (IREDA) has signed a Memorandum of Understanding (MoU) that establishes yearly performance targets for the years 2022–2023.

Bhupinder Singh Bhalla, Secretary, MNRE and Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA signs MoU in the presence of senior officials from MNRE & IREDA

The MOU was signed by Bhupinder Singh Bhalla, Secretary, MNRE, and Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA,  in the presence of senior representatives from MNRE and IREDA.

With an increase of almost 18% over the previous year’s success, the Government of India has set a target for Revenue from Operations of Rs. 3,361 crores. The Indian government has also established a number of performance-related key criteria, including Return on Net Worth, Return on Capital Employed, NPA to Total Loans, Asset Turnover Ratio, and Earnings per Share, among others.

Pradip Kumar Das emphasised that IREDA has produced outstanding results over the past two fiscal years and is completely prepared to accomplish these goals. The company’s Profit After Tax (PAT) increased 67% in the second quarter of FY 2022–23 compared to the same time in FY 2021–22. Most impressively, as compared to the same time during FY 2021–2022, Net NPAs have decreased from 4.87% to 2.72% in Quarter 2.

IREDA has performed admirably, earning 96.54 points for the MoU for FY 2021–22. As of now, the firm has supported the installation of 19,502 MW of renewable energy capacity in the nation by financing more than 3,068 Renewable Energy project loan accounts with a total loan sanction and payout of 1,41,622 crores and 90,037 crores, respectively.

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