IREDA registers Historic Annual Performance in FY 2021-22; Profit jumps 83% to all-time high of Rs 634 cr

In the midst of the second and third waves of the Covid Pandemic, the Indian Renewable Energy Development Agency (IREDA) reported iconic all-time high annual Profit After Tax (PAT) of Rs. 634 crores and Profit Before Tax (PBT) of Rs. 834 crores in FY 2021-22, recording tremendous growth of 82.88 percent and 46.41 percent, respectively, over FY 2020-21.

In a meeting conducted yesterday, the IREDA Board of Directors approved the Audited Financial Results for the Financial Year 2021-22, praising the company’s remarkable performance under difficult circumstances.

The loan book of IREDA, a non-banking financial company (NBFC) under the Ministry of New and Renewable Energy (MNRE), has increased from Rs. 27,854 crores from March 31, 2021 to Rs.33,931 crores on March 31, 2022. (registering a growth of 21.82 percent ). The company acquired huge loan sanction in its history, at Rs. 23,921 crores (growth of 117.44 percent to the previous year sanction of Rs. 11,001 Crores).

The loan disbursement of Rs. 16,071 crore is the company’s greatest ever and represents an 82 percent rise over the previous year. The company’s net worth as of March 31, 2022 was Rs. 5,268 crores, up from Rs. 2,995 crores as of March 31, 2021 (a 75.89 percent rise), including a Rs. 1,500 crore equity infusion from the Government of India on March 28, 2022.

The following are the annual financial highlights for FY 2021-22 as compared to FY 2020-21:

Profit Before Tax- Rs. 834 Crores as against Rs. 570 Crores (up by 46.41%)
Profit After Tax- Rs. 634 Crores as against Rs. 346 Crores (up by 82.88%)
Loan Sanction- Rs. 23,921 Crores as against Rs. 11,001 Crores (up by 117.44%)
Loan Disbursement- Rs. 16,071 Crores as against Rs. 8,827 Crores (up by 82.06%)
Loan Book- Rs. 33,931 Crores as against Rs. 27,854 Crores (up by 21.82%)
Net-worth- Rs. 5,268 Crore as against Rs. 2,995 Crores (up by 75.89%)
Net NPA- 3.12% as against 5.61% (reduction by 44.39%)

On this occassion, Shri Pradip Kumar Das, Chairman & Managing Director, IREDA, expressed his heartfelt thanks to the PMO, MNRE, and MoF, among others, for leading and supporting IREDA at every turn, particularly in achieving the long-awaited equity infusion. He expressed his deepest gratitude to Shri R K Singh, Hon’ble Union Minister of Power, New and Renewable Energy, and Shri Bhagawanth Khuba, Hon’ble Minister of State , New and Renewable Energy, for their unwavering support and guidance. Shri Das also expressed the company’s gratitude to the Secretary, MNRE, Senior Officials of MNRE, and the IREDA Board of Directors for their constant support.

Shri Das continued by stating that the exceptional results would not have been achieved without the Statutory Auditors’, RBI‘s, and other stakeholders’ frequent cooperation and support. Shri Das praised IREDA’s dedicated team of employees for their dedication and unrelenting efforts in achieving the high level of achievements. “IREDA fosters openness, good governance, and a proactive attitude to assure that the whole value chain in IREDA’s operations is satisfied and proudly maintains the feeling of ‘Once IREDA, Always IREDA,'” he added.