IREDA registers highest-ever profit of Rs 633.53 crore in FY 2021-22

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) commemorated the 35th Annual General Meeting (AGM) of IREDA's shareholders on Wednesday in New Delhi. During the meet annual accounts for the financial year 2021-22 were adopted.

Addressing the shareholders, IREDA's Chairman & Managing Director (CMD) Pradip Kumar Das highlighted that, "despite 2nd and 3rd waves of COVID-19, IREDA has reported a historic all-time high annual Profit Before Tax (PBT) of Rs 833.84 crore and a Profit After Tax (PAT) of Rs 633.53 crore in FY 2021-22, thereby registering a massive growth of 46.41 percent and 82.88 percent, respectively, over FY 2020-21."

The loan book of IREDA has grown from Rs 27,853.92 crore as at the end of FY 2020–21 to Rs 33,930.61 crore as at the end of FY 2021–22 (registering a growth of 21.82 percent). The company has achieved the highest-ever loan sanction of Rs 23,921.06 crore, with a growth of 117.44 percent over the previous year's sanction of Rs 11,001.30 crore and the highest-ever loan disbursement of Rs 16,070.82 crore, registering a record increase of 82.04 percent over the previous year. Also, the net NPAs have been reduced to 3.12 percent ending FY 2021-22 as against 5.61 percent at the end of FY 2020-21 and Gross NPAs have been reduced to 5.21 percent ending FY 2021-22 as against 8.77 percent at the end of FY 2020-21.

Highlighting the future strategies, Das said, "IREDA is in the process of setting up a debt fund in the form of an Alternate Investment Fund (AIF) to tap large Institutional Investors viz, Pension funds, Insurance Funds, Environmental, Social and Governance Funds, etc. AIF will also help IREDA in financing new projects for borrowers who are nearing the exposure limit. Further, the company is also planning to do Asset-Based Securitization (ABS) by the issuance of Pass-Through Certificates."

(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.)