IREDA becomes a ‘Schedule A’ CPSE, eyes ‘Navratna’ status next

New Delhi: State-run Indian Renewable Energy Development Agency (IREDA) Ltd has been upgraded from a ‘Schedule-B’ category Central Public Sector Enterprise (CPSE) to ‘Schedule-A’ on Friday. Announcing the news through an official statement, IREDA said, “The Ministry of New and Renewable Energy, Government of India, through a notification on 29th September 2023, upgraded IREDA from the 'Schedule B' to the 'Schedule A' category Central Public Sector Enterprises.”

IREDA eyes Navratna status after upgrade

The elevation of IREDA to the ‘Schedule A’ category opens the door for the PSU’s upgradation from “Mini Ratna (Category– I)” to “Navratna” status. “This will grant IREDA increased financial autonomy, allowing the organisation to make more strategic decisions to further its commitment to accelerating the adoption of renewable energy solutions across the country,” said the statement.

Pradip Kumar Das, Chairman and Managing Director (CMD) of IREDA, commented on the development, saying, “This elevation to ‘Schedule A’ status is a testament to the tireless efforts of our dedicated team and the trust placed in us by the government of India. It not only acknowledges our past accomplishments but also underscores the immense potential we hold in driving the renewable energy sector’s growth in India. By attaining ‘Navratna’ status and the accompanying increased financial autonomy, we will be in a stronger position to drive the transformation of India’s energy landscape towards sustainability.”

“The IREDA CMD expressed his gratitude to Union Minister for Power, New & Renewable Energy, Union Minister for Finance & Corporate Affairs, Union Minister of State for New & Renewable Energy and Chemical & Fertilizers, Union Ministers of State for Finance, MNRE Secretary, MoF Secretary, DIPAM Secretary, DPE Secretary, the company’s Board of Directors, senior officials of MNRE, MoF, DIPAM and DPE, etc. Their constant support and invaluable guidance have played a pivotal role in elevating IREDA to the status of ‘Schedule A,’” said IREDA.

IREDA financial performance highlights

IREDA has Term Loans Outstanding of Rs 2,78,539.21 million as of March 31, 2021, Rs 3,39,306.06 million as of March 31, 2022, Rs 4.70,755.21 million as of March 31, 2023 and Rs 4,72,066.63 million as of June 30, 2023, reflecting a CAGR of 30 percent between fiscal 2021 and fiscal 2023.

Loans sanctioned amount to Rs 1,10,013.05 million, Rs 2,39,210.62 million, Rs 3,25,866.06 million and Rs 18,924.51 million in fiscal 2021, 2022, 2023 and the three months ended June 30, 2023, respectively.

Loans disbursed amount to Rs 88,283.53 million, Rs 1,60,708.22 million, Rs 2,16,392.12 million and Rs 31,739.79 million in fiscal 2021, 2022, 2023 and the three months ended June 30, 2023, respectively.

Gross non-performing assets (NPAs) as a percentage of Term Loans Outstanding reduced from 8.77 percent as of March 31, 2021 to 5.21 percent as of March 31, 2022, 3.21 percent as of March 31, 2023 and further to 3.08 percent as of June 30, 2023. The net NPAs as a percentage of Net Term Loans Outstanding reduced from 5.61 percent as of March 31, 2021 to 3.12 percent as of March 31, 2022, 1.66 percent as of March 31, 2023 and further to 1.61 percent as of June 30, 2023.

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