IREDA signs MoU with govt; revenue target for 2023-24 set at Rs 4,350 cr
Aug 21, 2023
New Delhi [India], August 21 : Indian Renewable Energy Development Agency (IREDA), a mini ratna enterprise under the administrative control of Ministry of New and Renewable Energy, has signed a performance-based Memorandum of Understanding (MoU) with the ministry, outlining strategic targets that the agency aims to achieve during the fiscal years 2023-24 and 2024-25.
As per the MoU, the central government has set a revenue from operations target for IREDA, of Rs 4,350 crores for the financial year 2023-24 and Rs 5,220 crores for 2024-25.
Notably, the company had achieved a revenue from operations figure of Rs 3,482 crores in the preceding fiscal year, against a target of Rs 3,361 crores.
The government has also specified other key performance parameters in the MoU, including Return on Net Worth, Return on Capital Employed, Non Performing Assets to Total Loans Ratio, Asset Turnover Ratio, and Earnings per Share.
“The MoU was signed by Secretary, MNRE, Shri Bhupinder Singh Bhalla and Chairperson & Managing Director (CMD), IREDA, Shri Pradip Kumar Das at Atal Akshay Urja Bhawan, New Delhi on August 21, 2023. Other senior officials of MNRE and IREDA were also present on the occasion,” Ministry of New and Renewable Energy said in a release Monday.
CMD IREDA emphasised the company’s outstanding track record of performance over the past three financial years, positioning the company well to achieve these ambitious targets.
The company, as on August 21, 2023, has financed 3,137 renewable energy projects with cumulative loan sanction of Rs 155,694 crores and loan disbursement of Rs 105,245 crores and has supported renewable energy capacity addition of 22,061 MW in the country, the release added.
