New Delhi: Indian Renewable Energy Development Agency LIMITED (IREDA), a PSU under Ministry of New and Renewable Energy, despite the pandemic regime, completed FY 2020-21 on the second highest loan disbursements since inception amounting to Rs 8,827 crore, the highest ever profit before tax (PBT) of Rs 569.52 crore with an increase of 136.20 per cent over the amount of Rs 241.11 crore in the previous year and a net reduction in NPA from 7.18 per cent in the previous year to 5.61 per cent ending FY 2020-21, which is a significant reduction of approximately 22 per cent from the previous year.
Addressing the 34th Annual General Meeting (AGM) of IREDA, Pradip Kumar Das, Chairman and Managing Director (CMD), said: “IREDA is geared up towards five-fold growth in the loan book from Rs 28000 crore (approximately) ending March 2021 to Rs 1.35 lakh crore ending March 2026. The company plans to increase the revenue per employee from Rs 17 crore (approximately) in FY 2020-21 to Rs 55 crore ending FY 2025-26 (approximately).”
Das also underlined that IREDA is presently a debt listed company and it is fully geared up for working in the direction of getting equity listed. IREDA shall also come out with the IPO of fresh Equity shares and plans to make further issue of Green Bonds in the international & domestic market to garner capital for onward lending.
The CMD further underlined that IREDA is in the process of setting up a debt fund in the form of an Alternate Investment Fund (AIF) to tap large Institutional Investors such as Pension funds, Insurance Funds, Environmental, Social and Governance Funds, etc. AIF will also help IREDA in financing new projects of those borrowers who are nearing the exposure limit. The company is also planning to do Asset-Based Securitisation (ABS) by issuance of Pass-Through Certificates.
