IREDA signs annual MoU with MNRE; sets revenue target of Rs 3,361 crore for FY’23

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) signed a Memorandum of Understanding (MoU) with Ministry of New and Renewable Energy (MNRE) setting annual performance target for the Financial Year 2022-23. The MoU was signed by MNRE's Secretary Bhupinder Singh Bhalla and IREDA's CMD Pradip Kumar Das on Friday in the presence of senior officials from MNRE and IREDA.

Govt. of India has set a target Rs 3,361 crores for revenue from operation, up by approx. 18 percent from the previous year achievement. Govt has also set various performance-related key parameters such as return on net worth, return on capital employed, NPA to total loans, asset turnover ratio and earning per share, etc.

Das highlighted that IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets. The company has posted 67 percent jump in Profit After Tax (PAT) in 2nd Quarter of FY 2022-23, as compared to corresponding period during FY 2021-22. Most importantly, Net NPAs have been reduced from 4.87 percent to 2.72 percent in Quarter 2, as compared to the corresponding period during FY 2021-22.

IREDA has demonstrated exceptional performance by securing 96.54 marks for the MoU of FY 2021-22. The company as on date, has financed more than 3,068 Renewable Energy projects loan accounts with cumulative loan sanction and disbursement to the tune of Rs 1,41,622 crores and Rs 90,037 crores respectively and has supported Renewable Energy capacity addition of 19,502 MW in the country.

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