New Delhi: Indian Renewable Energy Development Agency Ltd (IREDA) signed a Memorandum of Understanding (MoU) with the Ministry of New and Renewable Energy (MNRE), Government of India, setting an annual performance target for the year 2022-23. The MoU was signed by Bhupinder Singh Bhalla, Secretary, MNRE and Pradip Kumar Das, Chairman and Managing Director (CMD), IREDA today in the presence of senior officials from MNRE and IREDA.

The Government of India has set a target Rs 3,361 crore for revenue from operation, up by approximately 18 per cent from the previous year achievement. The Government of India has also set various performance-related key parameters such as return on net worth, return on capital employed, NPA to total loans, asset turnover ratio, and earnings per share, etc.

Pradip Kumar Das highlighted that 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 jump in profit after tax (PAT) in 2nd quarter of FY 2022-23, as compared to corresponding period during FY 2021-22. Most importantly, net NPAs have been reduced from 4.87 per cent to 2.72 per cent in quarter two, as compared to corresponding period during FY 2021-22.

IREDA has demonstrated exceptional performance by securing 96.54 marks for the MoU of FY 2021-22. The company as on 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. /BI/