IREDA Breaks Record with Highest-ever Loan Sanction, Loan Disbursement and Profit in FY 2022-23
IREDA achieved INR 32,586.60 crore loan sanction, INR 21,639.21 crore loan disbursement, INR 47,076 crore loan book, INR 1,139.25 crore profit before tax and INR 864.63 crore profit after tax.
July 03, 2023. By Anurima Mondal
Addressing shareholders, IREDA CMD Pradip Kumar Das gave an overview of IREDA’s performance during the year. "IREDA has accomplished its highest-ever annual loan sanction, loan disbursement, loan book, profit, and net worth,” he said.
Stating that the performance has been outstanding, the CMD said that IREDA achieved INR 32,586.60 crore loan sanction (36.23 percent increase compared to FY 22), INR 21,639.21 crore loan disbursement (34.65 percent growth compared to FY 22), INR 47,076 crore loan book (38.75 percent growth compared to FY 22), INR 1,139.25 crore profit before tax and INR 864.63 crore profit after tax (36.63 percent and 36.48 percent increase respectively compared to FY 22), INR 5,935.17 crore net worth (12.66 percent growth compared to FY 22). There has been a healthy improvement in non-performing assets ratios.
Das emphasised IREDA's commitment to maintaining strong asset quality. He highlighted the implementation of a structured recovery and monitoring mechanism, which includes monthly internal status reviews and quarterly interactions with borrowers.
As a result, IREDA successfully closed or upgraded 18 non-performing project loan accounts, recovering loans amounting to INR 202.43 crore. These efforts contributed to a healthy improvement in the NPA ratios at the end of FY 2 with 3.21 percent Gross NPA, a significant decrease from 5.21 percent in FY 22 and 1.66 percent Net NPA, showing substantial improvement from 3.12 percent in FY 22.
The CMD said that IREDA is committed to upholding the highest standards of corporate governance, transparency and business ethics to facilitate efficient and ethical business practices. In FY 23, IREDA achieved a significant milestone by becoming the first Central Public Sector Enterprise to publish its Annual Audited results within 25 days after the end of the financial year.
IREDA has also set a remarkable precedent of holding its AGM within 90 days after the conclusion of the financial year, a testament to IREDA’s streamlined internal processes, digitised data management and good governance principles and practices.
please contact: contact@energetica-india.net.
Aman Mehtani
Founder & Group CEO
ADM Group Offers Smart, Sustainable Solutions for Global Automotive Industry
Gaurav Dolwani
CEO
From Scrap to Sustainability: LICO Materials’ Circular Economy Approach
Gaurav Kumar
Head of Supply Chain and Manufacturing
Euler Motors Bridges Cost Gap Between EVs and ICE Vehicles with Localization
Shveta Arya
India Region Leader
Powering India’s Mobility Future: Cummins Showcases Advanced Power Solutions at Bharat Mobility
Samkit Shah
Co-Founder
Jitendra EV Leading Hybrid EV Revolution with Hydrix