New Delhi: The Indian Renewable Energy Development Agency Ltd. (IREDA) sanctioned loans worth a staggering ₹32,586.60 crore, an increase of 36.23% year-on-year (YoY). Loan disbursement rose 34.65% to ₹21,639.21 crore during the period. IREDA’s loan book also witnessed a surge, reaching ₹47,076 crore, representing a growth rate of 38.75% compared FY22.
The metrics were announced during IREDA’s 36th Annual General Meeting (AGM), which witnessed the adoption of the annual accounts for the financial year 2022-23.
Pradip Kumar Das, chairman and managing director, IREDA, said that the organization achieved its highest-ever annual loan sanction, loan disbursement, loan book, profit, and net worth.
Net profit for FY23 stood at ₹864.63 crore, a rise of 36.48% on year, while its net worth grew to ₹5,935.17 crore.
Through monthly internal status reviews and quarterly interactions with borrowers, IREDA successfully closed or upgraded 18 non-performing project loan accounts, leading to the recovery of loans worth ₹202.43 crore. As a result, the organization achieved a healthy improvement in its non-performing asset ratios, with gross NPA decreasing from 5.21% in FY22 to 3.21% in FY23. The net NPA also showcased significant improvement, decreasing from 3.12% in FY22 to 1.66% in FY23.
Das reiterated IREDA’s commitment to uphold the highest standards of corporate governance, transparency, and business ethics. A public sector enterprises under Ministry of New and Renewable Energy (MNRE), IREDA is engaged in the financing of renewable energy and energy efficiency projects..
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Updated: 01 Jul 2023, 04:44 PM IST