New Delhi, Jan 8
The Indian Renewable Energy Development Agency has received the prestigious 'Excellent' rating in the MoU signed with the Ministry of New & Renewable Energy for the fifth consecutive year, underlining the organisation's sustained focus on operational efficiency and financial discipline, an official statement issued on Thursday said.
The 'Excellent' rating for the financial year 2024-25, has been achieved by the country's largest pure-play green NBFC, with a commendable score of 96.42 out of 100. The continued high performance reflects the organisation's ability to maintain momentum amid an expanding mandate and evolving renewable energy landscape, the statement said.
Union Minister for New and Renewable Energy Pralhad Joshi congratulated IREDA for the outstanding performance.
"This sustained excellence reflects the dedication of the IREDA team and the strength of its institutional reforms. I am confident that IREDA will continue this momentum, strengthening India's clean energy financing ecosystem and accelerating the nation's clean energy transition towards a greener, more self-reliant future," he said.
After receiving only a 'Fair' rating with a score of 45.83 in the MoU evaluation for FY 2019-20, the IREDA undertook comprehensive institutional reforms to strengthen its systems, processes, and culture. This transformative journey enabled the organisation to elevate its standards, achieving consecutive 'Excellent' ratings thereafter and firmly establishing the IREDA as the country's largest NBFC in the renewable energy sector, the statement added.
IREDA Chairman & Managing Director, Pradip Kumar Das, said: "Receiving the 'Excellent' rating for the fifth consecutive year is a matter of great pride for IREDA. This recognition is a testament to the dedication of our employees, confidence of our stakeholders, and the consistent guidance and support of the Government of India. We remain committed to strengthening India's clean energy ecosystem and accelerating the nation's green energy transition."
The Navratna public sector undertaking recorded a 41 per cent jump in net profit to Rs 549 crore for the July-September quarter of the current financial year compared to the corresponding figure of Rs 388 crore for the same quarter of the previous financial year.
It also recorded a robust 26 per cent increase in revenue from operations to Rs 2,057 crore from Rs 1,630 crore in the same quarter last year.
The IREDA's loan sanctions for the second quarter surged by as much as 145 per cent to Rs 21,408 crore compared with the corresponding figure of Rs 8,724 crore in the same quarter a year ago, while loan disbursements rose by 81 per cent to Rs 8,062 crore during the quarter from Rs 4,462 crore.
- IANS
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