IREDA Achieves Record Growth In FY 2022-23; Sets Milestones In Renewable Energy Financing

In its 36th Annual General Meeting (AGM) held at India Habitat Centre in New Delhi, the Indian Renewable Energy Development Agency Ltd. (IREDA) showcased its remarkable achievements for the financial year 2022-23. The AGM witnessed the adoption of annual accounts, highlighting IREDA’s outstanding performance.

IREDA’s Chairman & Managing Director (CMD), Shri Pradip Kumar Das, addressed the shareholders and provided an overview of the company’s accomplishments during the year. He stated, “IREDA has achieved its highest-ever annual loan sanction, loan disbursement, loan book, profit, and net worth.”

The CMD shared key highlights of IREDA’s performance in FY 2022-23:

• ₹32,586.60 crore Loan Sanction, marking a 36.23% increase compared to FY 2021-22.
• ₹21,639.21 crore Loan Disbursement, reflecting a 34.65% growth compared to FY 2021-22.
• ₹47,076 crore Loan Book, demonstrating a significant 38.75% growth compared to FY 2021-22.
• ₹1,139.25 crore Profit Before Tax and ₹864.63 crore Profit After Tax, indicating a 36.63% and 36.48% increase respectively compared to FY 2021-22.
• ₹5,935.17 crore Net Worth, exhibiting a robust 12.66% growth compared to FY 2021-22.

The CMD highlighted IREDA’s commitment to maintaining strong asset quality and reducing non-performing assets (NPAs). The implementation of a structured recovery and monitoring mechanism, including regular reviews and interactions with borrowers, resulted in the closure or upgrade of 18 non-performing project loan accounts, recovering loans amounting to ₹202.43 crore. This effort contributed to a healthy improvement in the NPA ratios, with 3.21% Gross NPA and 1.66% Net NPA at the end of FY 2022-23.

IREDA’s focus extends beyond financial performance. The company actively engages in partnerships with green energy developers to cater to their evolving financial requirements. IREDA has launched financing solutions for emerging areas such as E-mobility, Green Hydrogen, and Green Transmission, aiming to raise awareness about these products.

Moreover, IREDA upholds the highest standards of corporate governance, transparency, and business ethics. In a significant milestone, IREDA became the first Central Public Sector Enterprise to publish its Annual Audited results within 25 days after the end of the financial year, surpassing the SEBI requirement of 60 days. The company’s streamlined internal processes, digitized data management, and good governance principles enabled it to hold the AGM within 90 days after the conclusion of the financial year, setting a remarkable precedent.

IREDA, a Mini Ratna (Category – I) Government of India enterprise under the Ministry of New and Renewable Energy, remains dedicated to its mission of promoting renewable energy development in the country.