A stunning 32,586.60 crore in loans were authorised by the Indian Renewable Energy Development Agency Ltd. (IREDA), an increase of 36.23% year over year. The amount of loans disbursed increased over the time by 34.65%, reaching 21.639.21 crore. With a growth rate of 38.75% from FY22 to FY23, IREDA’s loan book also saw a spike, hitting 47,076 crore.
The measures were revealed at the 36th Annual General Meeting (AGM) of IREDA, which also saw the adoption of the annual accounts for the fiscal year 2022–2023. According to IREDA’s chairman and managing director, Pradip Kumar Das, the company’s yearly loan sanction, disbursement, loan book, profit, and net worth were at their highest ever levels.
Its net value increased to $5,935.17 billion, and its net profit for FY23 was 864.63 crore, up 36.48% from the previous year. IREDA effectively closed or improved 18 non-performing project loan accounts, resulting in the recovery of loans totaling 202.43 crore. This was accomplished through monthly internal status reviews and quarterly interactions with borrowers. As a result, the organisation saw a healthy improvement in its non-performing asset ratios, with gross NPA falling from 5.21% in FY22 to 3.21% in FY23. The net NPA also showed a considerable improvement, falling from 3.12% in FY22 to 1.66% in FY23.
Das reaffirmed IREDA’s dedication to upholding the greatest standards of corporate behaviour, openness, and integrity. IREDA, a public sector organisation that reports to the Ministry of New and Renewable Energy (MNRE), is involved in the funding of projects involving renewable energy and energy efficiency.
