IREDA’s massive growth reflects team work & Power Ministry’s guidance: CMD PK Das

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) has reported an all-time high annual profit before tax (PBT) of Rs 570 crores (136 percent jump) in the financial year 2020-21, despite the ongoing challenge of COVID-19. The company has posted a profit after tax (PAT) of Rs 346 crores as against Rs 215 crores in the last financial year, registering a massive growth of 61 percent. On this occasion, IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das addressed the employees of the company through a virtual platform on Monday.

In his address, Das highlighted that the work of IREDA did not suffer any pullbacks due to the lockdown and every IREDAian contributed by working from home using the IT systems. This would not have been possible without the team spirit displayed by employees. Further, he said that the remarkable achievements of FY 2020-21 would not have been possible without active support and guidance from Govt. of India and especially from Power Minister RK Singh. CMD also placed on record the gratitude of the company for the abiding support received from MNRE Secretary, Board of Directors and Senior Officials of MNRE. Das lauded the efforts made by employees of IREDA with commitment and dedication.

CMD reaffirmed that human resources development is an integral part of the overall management. The physical, emotional and mental well-being of employees is of foremost priority. IREDA has ensured a pool of satisfied employees through various initiatives taken last year, for their well-being. Employees have been helped to inculcate healthy habits and regularity. 

Das also highlighted IREDA's COVID Management initiatives for employees as well as the support for CPSEs and Departments etc. IREDA had adopted work from home even before the lockdown was imposed. Through proactive measures of testing, isolation, supply of medicine, complimentary food and oxygen support at the doorstep, IREDA has controlled the spread of infection. This has led to a healthy workforce resuming work and achieving the publication of results in the stipulated time, without going for the extended time limits by SEBI.

Das highlighted various systematic interventions undertaken by IREDA to achieve these results like regular review meetings of all departments, skill development through the focused development training program, workshops, lecture series, talks from experts on physical and mental well-being and creation of new departments to focus on important areas. Speaking about 22 percent reduction in NPAs, CMD underlined that this would not have been possible without the review and monitoring system introduced by the management last year. Improvement and transparency in procedures also played an important role in the reduction of NPAs and the rise in disbursement and profit of the company. 

ALSO READ:

1. IREDA FY21 results: IREDA net profit goes up by 61%, but share price drops 2.27%

2. IREDA invites applications for solar PV module manufacturing units under PLI scheme

As regards the way forward, Das advised that IREDAian must adopt transparency, good governance and a proactive approach in every sphere of life including work. To this effect, the company has already adopted cultural changes like – cross-functional relations, Team Building, measurable and accountable approach of issuing KRAs and preparation of Vision document and Annual Plans, linked with activities and planning for mid-year and end of year reviews. Shri Das has underlined that performance will be monitored and improvement of this constantly pursued. 

Das ended his address by again congratulating the IREDA employees for achieving significant growth.

(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)