IREDA Inks MoU with MNRE and Revenue Target for FY 2023-24 set at INR 4,350 Crores
In addition to, the government has also mentioned other major performance parameters in the MoU, comprising Return on Net Worth, Return on Capital Employed, NPA to Total Loans Ratio, Asset Turnover Ratio, and Earnings per Share.
August 22, 2023. By EI News Network
The MoU is in line with guidelines issued by the Department of Public Enterprises, Ministry of Finance, delineates strategic goals that IREDA intends to attain during the financial years 2023-24 and 2024-25.
Through the MoU, the Government of India has made a Revenue from Operations target for IREDA, of INR 4,350 crores for the financial year 2023-24 and INR 5,220 crores for 2024-25.
Additionally, the company had attained a Revenue from Operations figure of INR 3,482 crores in the previous financial year, against a goal of INR 3,361 crores.
Along with that, the government has also mentioned other major performance parameters in the MoU, comprising Return on Net Worth, Return on Capital Employed, NPA to Total Loans Ratio, Asset Turnover Ratio, and Earnings per Share.
The MoU was signed by Bhupinder Singh Bhalla,Secretary, MNRE and Pradip Kumar Das, Chairperson & Managing Director (CMD), IREDA, at Atal Akshay Urja Bhawan, New Delhi in the presence of other officials of MNRE and IREDA.
Pradip Kumar Das, CMD, IREDA highlighted upon the company’s track record of performance over the last three fiscal years, stating the company is well to attain these ambitious goals. The company attained an impressive 272 percent surge in Loan Disbursements and a 30 percent up in Profit After Tax (PAT) during the Q1 FY 2023-24, in comparison with the corresponding period in FY 2022-23.
The company projects balanced financial management, IREDA also attained a remarkable reduction in Net Non-Performing Assets (NPAs), reducing the figure to 1.61 percent in Q1 FY 2023-24 from 2.92 percent in Q1 FY 2022-23. These accomplishments highlight IREDA's dedication to maintaining financial stability while promoting the Renewable Energy sector.
The company, as on 21st August 2023, has financed 3,137 Renewable Energy projects with a cumulative loan allotted of INR 1,55,694 crores and loan disbursement of INR 1,05,245 crores and has assisted RE capacity addition of 22,061 MW in the country.
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