IREDA and MNRE signs MoU, to increase annual revenue in 2023

The Indian government has set a revenue from operations target of ₹3,361 Crores, or roughly 18 percent more than what was achieved the previous year. By earning 96.54 points for the MoU of FY 2021–2022, IREDA has shown remarkable performance.
A Memorandum of Understanding (MoU) establishing annual performance targets for the years 2022–2023 was signed between the Indian Renewable Energy Development Agency Ltd. (IREDA) and the Ministry of New and Renewable Energy (MNRE), Government of India. In the presence of top representatives from MNRE and IREDA, Bhupinder Singh Bhalla, Secretary, and Pradip Kumar Das, Chairman & Managing Director (CMD), signed the MOU.
The Indian government has set a target of 3,361 crores in revenue from operations, an increase of around 18 percent over the previous year’s performance. Various performance-related key indicators, including return on net worth, return on capital employed, NPA to total loans, asset turnover ratio, and earnings per share, among others, have also been established by the Indian government.
Pradip Kumar Das emphasised that IREDA has produced outstanding results over the previous two fiscal years and is completely prepared to accomplish these goals. The company’s Profit After Tax (PAT) increased 67 percent in the second quarter of FY 2022–23 compared to the same time in FY 2021–22. Most impressively, when compared to the same period during FY 2021–2022, Net NPAs have decreased from 4.87 percent to 2.72 percent in Quarter 2.
By earning 96.54 points for the MoU of FY 2021–2022, IREDA has proven to be exceptionally effective. As of today, the company has supported the addition of 19,502 MW of renewable energy capacity across the nation by financing more than 3,068 Renewable Energy Project Loan Accounts, with a total loan sanction and pay out of ₹1,41,622 Crores and ₹90,003 Crores, respectively.