IREDA holds 36th Annual General Meeting

New Delhi: Indian Renewable Energy Development Agency Limited (IREDA) conducted its 36th Annual General Meeting (AGM) on Friday at India Habitat Centre in New Delhi. During the AGM, the annual accounts for the financial year 2022-23 were adopted, showcasing remarkable achievements.

Addressing the Shareholders, Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, shared an overview of the exceptional performance during FY 23. He stated, "IREDA has accomplished its highest-ever annual loan sanction, loan disbursement, loan book, profit, and net worth.” He provided a snapshot of the company's outstanding performance in FY 23:

• Rs 32,586.60 crore Loan Sanction (36.23% increase compared to FY 22)

• Rs 21,639.21 crore Loan Disbursement (34.65% growth compared to FY 22)

• Rs 47,076 crore Loan Book (38.75% growth compared to FY 22)

• Rs 1,139.25 crore Profit Before Tax and Rs 864.63 crore Profit After Tax (36.63% and 36.48% increase respectively compared to FY 22)

• Rs 5,935.17 crore Net Worth (12.66% growth compared to FY 22)

CMD emphasized IREDA's commitment to maintaining strong asset quality. He highlighted the implementation of a structured recovery and monitoring mechanism, which includes monthly internal status reviews and quarterly interactions with borrowers. As a result, IREDA successfully closed or upgraded 18 non-performing project loan accounts, recovering ₹202.43 crore. These efforts contributed to a healthy improvement in the NPA ratios at the end of FY 23:

• 3.21% Gross NPA, a significant decrease from 5.21% in FY 22

• 1.66% Net NPA, showing substantial improvement from 3.12% in FY 22

CMD further highlighted that alongside its impressive financial performance, IREDA actively engages in partnerships with green energy developers to recognize their evolving requirements for financial products. The company aims to raise awareness of new products and has already launched financing solutions for emerging areas such as E-mobility, Green Hydrogen, and Green Transmission, etc.

IREDA is committed to upholding the highest standards of Corporate Governance, transparency, and business ethics to facilitate efficient and ethical business practices. In FY 23, IREDA achieved a significant milestone by becoming the first Central Public Sector Enterprise (CPSE) to publish its Annual Audited results within 25 days after the end of the financial year. This accomplishment is particularly noteworthy considering that SEBI allows a period of 60 days for such disclosures.

IREDA has also set a remarkable precedent to conduct its AGM within 90 days after the conclusion of the financial year. It bears testimony to IREDA’s streamlined internal processes, digitized data management and good governance principles & practices.

Disclaimer: This story is a press release and is being published without any editing by the PSU Watch desk.

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