IREDA aims Rs 4,350 cr operational revenues in FY24, Rs 5,220 cr in FY25

State-owned IREDA has set a target of achieving Rs 4,350 crore revenue from operations during the current financial year.

In the next fiscal, it aims to touch a revenue of Rs 5,220 crore from operations, Indian Renewable Energy Development Agency Ltd (IREDA) said in a statement on Monday.

In this regard, the company has also signed a performance-based memorandum of understanding (MoU) with the Ministry of New and Renewable Energy (MNRE).

The MoU, in alignment with the Department of Public Enterprises (DPE) guidelines, outlines strategic targets that IREDA aims to achieve during the fiscal years 2023-24 and 2024-25.

"The government of India has set a revenue from operation target of Rs 4,350 crore for 2023-24 and Rs 5,220 crore for 2024-25. IREDA had achieved a revenue from operation of Rs 3,482 crore in the preceding fiscal year," the statement said.

The government, in the agreement, has also defined key performance parameters including return on net worth, return on capital employed, NPA to total loans ratio, asset turnover ratio, and earnings per share, among others, it said.

IREDA CMD Pradip Kumar Das said: "The company marked an impressive 272 per cent jump in loan disbursements and a 30 per cent growth in Profit After Tax (PAT) during the first quarter of FY24, compared to the corresponding period in FY23."

The company also achieved a remarkable reduction in net non-performing assets (NPAs), lowering the figure to 1.61 per cent in the first quarter of FY24 from 2.92 per cent in Q1 FY23, he added.

IREDA, under the Ministry of New and Renewable Energy, is a non-banking financial institution engaged in promoting, developing and extending financial assistance for setting up projects related to new and renewable sources of energy and energy efficiency/conservation.