IREDA Net Profit Jumps 61% to Rs 346 Cr in FY21

Power sector major lender Indian Renewable Energy Development Agency (IREDA) has reported significant growth of 61 per cent in its net profit after tax to Rs 346 crore during the financial year 2020-21, mainly on account of higher interest, fees and commission income.

May 31, 2021. By Manu Tayal

Power sector major lender Indian Renewable Energy Development Agency (IREDA) has reported significant growth of 61 per cent in its net profit after tax to Rs 346 crore during the financial year 2020-21, mainly on account of higher interest, fees and commission income.

The Ministry of New and Renewable Energy-backed IREDA’s net profit after tax stood at Rs 215 crore during the previous financial year.

Further, the state-owned company’s interest income too rose to Rs 2,565 crore in FY21, as compared to Rs 2,247 crore in FY20.

During FY21, IREDA’s income from fees and commission increased to Rs 33.77 crore, as against Rs 21.63 crore in the previous financial year.

However, IREDA’s revenue from solar plant operations remained almost flat to Rs 27.42 crore during the FY21, from Rs 27.46 crore in the same period a year ago.

The company, which is the nodal agency for government’s Rs 4,500 crore PLI scheme for solar manufacturing, posted a decline in its total expenses to Rs 2,089 in FY2021, as compared to Rs 2,131 crore during FY2020.

Besides, the state-owned lender has reported an all-time high annual profit before tax (PBT) of 136 per cent to Rs 570 crore in the financial year 2020-21 that was severely affected by Covid 19 Pandemic. The PBT of the company was Rs 241 crore during FY 2019-20.

The Loan Book of IREDA, a NBFC, has grown from Rs 23,548 crore as on March 31, 2020 to Rs 27,854 crore as on March 31, 2021. Further, the loan disbursement of Rs 8,827 crore is the second highest in the company’s history.

Also, the net-worth of the company as on March 31, 2021 has reached Rs 2,995 crore as against Rs 2,521 crore on March 31, 2020. While, Net NPA reduction by 22 per cent to 5.61 per cent as against 7.18 per cent.

On this occasion, Pradip Kumar Das, Chairman & Managing Director of IREDA said that the remarkable achievements of FY 2020-21 would not have been possible without Govt. of India’s active support and guidance.

He conveyed his sincere gratitude to RK Singh, Power and New and Renewable Energy Minister, for his continuous guidance and facilitation.

Das also placed on record the gratitude of the company for the abiding support received from Secretary, MNRE, Board of Directors and Senior Officials of MNRE.

The CMD lauded the dedicated team of employees of IREDA for their commitment and efforts that made the high level of results possible.

In November last year, The Government of India had set a revenue target of Rs 2,406 crore for IREDA under ‘Excellent’ rating along with various performance-related parameters such as operating profit as percentage of revenue from operation, profit after tax (PAT) as a percentage of average net worth, loan disbursement, overdue loan etc.

In this regard, a Memorandum of Understanding (MoU) was also signed between IREDA and MNRE setting key targets for the year 2020-21.

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