Thursday, Jul 25 2024 | Time 20:48 Hrs(IST)
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Business Economy


IREDA achieves its highest-ever sanction of Rs 37,354 cr in FY24

New Delhi, June 24 (UNI) State owned financial institution Indian Renewable Energy Development Agency Ltd. (IREDA) on Monday said it has achieved the highest ever sanction of Rs 37,354 crore and disbursement of Rs 25,089 crore in the fiscal 2023-24.
IREDA held its 37th Annual General Meeting (AGM), first after it got listed in November 2023, it said in a release.
The AGM was chaired by Pradip Kumar Das, Chairman and Managing Director, IREDA, and attended by all directors on the board and many shareholders.
Addressing the AGM, Das highlighted achievements, including the highest-ever sanction of Rs 37,354 crore and the disbursement of Rs 25,089 crore in FY24. The company also reported an all-time high Profit After Tax (PAT) of Rs 1,252 crore for FY24, reflecting a nearly 45 per cent increase over FY23.
IREDA has published its annual audited financial results within 19 days, fastest in India’s Banking & NBFC space.
Das outlined IREDA's strategic vision, emphasizing the focus on business development, borrowing optimization, and streamlining the operating model to support sustained growth. He underscored the importance of expanding into emerging sectors like e-mobility, ethanol, Green Hydrogen & Derivatives, utilizing international credit lines, and enhancing the borrower experience through digitization and automation.
IREDA's loan book has grown at a compound annual growth rate (CAGR) of 33 per cent in the last three years, with PAT increasing at a CAGR of around 41 per cent. The company's net worth stood at Rs 8,559 crore in FY24, boasting a robust capital-to-risk-weighted Assets Ratio (CRAR) of 20.11 per cent.
To meet the target of 500 GW of non-fossil fuel installed capacity by 2030, the country needs to increase its renewable energy capacity by 2.5 times. This will require an estimated investment of nearly Rs 30 lakh crore. IREDA continues to play a pivotal role in financing this transition, the IREDA statement added.
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