IREDA CMD outlines future growth plans in 37th AGM

IREDA CMD outlined IREDA's strategic vision, emphasizing the focus on business development, borrowing optimization and streamlining the operating model to support sustained growth
IREDA CMD outlines future growth plans in 37th AGM
IREDA CMD outlines future growth plans in 37th AGM

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) conducted its 37th Annual General Meeting (AGM) on Monday through video conferencing at its corporate office in New Delhi. The meeting was chaired by IREDA Chairman and Managing Director (CMD) Pradip Kumar Das and attended by all Directors on the board and many shareholders.

PSU Watch is now on Whatsapp Channels. Click here to join

In his address, Das highlighted the significance of this AGM as the first one held after IREDA's successful IPO in November 2023. He said, “IREDA achieved its highest-ever sanction of Rs 37,354 crore and disbursement of Rs 25,089 crore in FY'24. The company also reported an all-time high net profit of Rs 1,252 crore for FY'24, reflecting a nearly 45 percent increase over FY'23. IREDA has published its annual audited financial results within 19 days, fastest in India’s banking and NBFC space.”

Das outlined IREDA's strategic vision, emphasizing the focus on business development, borrowing optimization, and streamlining the operating model to support sustained growth. He underscored the importance of expanding into emerging sectors like e-mobility, ethanol, green hydrogen & derivatives, utilizing international credit lines, and enhancing the borrower experience through digitisation and automation.

IREDA CMD outlines future growth plans in 37th AGM
CARE Ratings upgrades IREDA's various instruments to ‘AAA’ with ‘Stable’ outlook

IREDA's loan book has grown at a compound annual growth rate (CAGR) of 33 percent in the last three years, with PAT increasing at a CAGR of around 41 percent. The company's net worth stood at Rs 8,559 crore in FY'24, boasting a robust Capital to Risk-weighted Assets Ratio (CRAR) of 20.11 percent. To meet the target of 500 GW of non-fossil fuel installed capacity by 2030, the country needs to increase its renewable energy capacity by 2.5 times. This will require an estimated investment of nearly Rs 30 lakh crore.

(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.)

logo
PSU Watch
psuwatch.com