Indian Renewable Energy Development Agency eyes 18% rise in revenues in FY23

IREDA has signed a memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE) for the annual performance target for 2022-23, the Ministry of New and Renewable Energy said in a statement.(Representative image)

State-owned Indian Renewable Energy Development Agency (IREDA) is targetting an 18 per cent rise in revenue from operations to Rs 3,361 crore this fiscal.

IREDA has signed a memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE) for the annual performance target for 2022-23, the Ministry of New and Renewable Energy said in a statement.

The MOU was signed by Bhupinder Singh Bhalla, New & Renewable Energy Secretary and Pradip Kumar Das, Chairman & Managing Director, IREDA, on Friday.

Under the MoU, a target of Rs 3,361 crores for revenue from the operation is set, which is about 18 per cent higher than the previous year's achievement (2021-22), the statement said.

The government has also set various performance-related key parameters, such as return on net worth, return on capital employed, NPA (bad loans) to total loans, asset turnover ratio and earnings per share, etc.

Das highlighted that the IREDA has been delivering exemplary performances for the previous two financial years and is fully geared to meet these targets.

The company has posted a 67 per cent year-on-year jump in Profit After Tax (PAT or net profit) in the second quarter of 2022-23.

Its net NPAs (not performing assets or bad loans) have been reduced from 4.87 per cent to 2.72 per cent in the second quarter.

IREDA has demonstrated exceptional performance by securing 96.54 marks for the MoU of 2021-22, it stated.

The company as of date has financed more than 3,068 renewable energy projects loan accounts with cumulative loan sanction and disbursement to the tune of Rs 1,41,622 crore and Rs 90,037 crore, respectively and has supported renewable energy capacity addition of 19,502 MW in the country.