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- 36th Annual General Meeting Indian Renewable Energy Development Agency Ltd. (IREDA) was held in New Delhi at India Habitat Centre.
- Annual accounts for the financial year 2022-23, which demonstrated remarkable achievements, were adopted.
- Figures and facts related to progress and achievement of IRDEA were presented to shareholders by CMD of IREDA Pradip Kumar Das.
- Every parameter given below showed a significant improvement over last fiscal year.
- Details/overview of company shared with shareholders is given below -
- It achieved the highest-ever annual loan sanction amounting to ₹ 32,586.60 crore.
- Loan Disbursements showed an annual growth of 35% compared to last year which is ₹ 21,639.21 crore.
- ₹ 47,076 crore Loan Book
- ₹ 1,139.25 crore Profit Before Tax and ₹ 63 crore Profit After Tax
- ₹ 5,935.17 crore Net Worth
Highlights of the Overview
- It reiterated its aim to facilitate efficient and ethical business practices without compromising on the values of corporate governance, transparency and business ethics.
- It reiterated its commitment to maintain strong asset quality.
- Structured recovery, monitoring mechanism, quarterly and monthly review helped in improving performance related to NPA ratios in time bound manner.
- Gross NPA - 3.21% (in FY 22 it was 5.21%)
- Net NPA - 1.66% (in FY 22 it was 3.12%)
- Partnerships with green energy developers
- raise awareness of new products like E-mobility, Green Hydrogen, and Green Transmission
- It is a Mini Ratna company of category 1, established in the year 1987 as a Non-Banking Financial Institution.
- Ministry of New and Renewable Energy has administrative control of IREDA.
- Vision of IREDA is to expand and promote sustainability and affordability in the renewable energy sector in the country.
- In fiscal year 2023 IREDA published Annual Audited results within 25 days after the financial year ended (against the allowed period of 60 days); hence it became the first Central Public Sector Enterprise to do so.
- Also within 90 days after the conclusion of the financial year, it holds the AGM. It is a testimony of sound business practices and efficient management of IREDA.
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Consider the following statements about IREDA:
1. It comes under the administrative control of Ministry of Power.
2. It is a Non-Banking Financial Institution with an objective to support clean energy generation.
Which of the statements given above is/are correct?
A. 1 only
B. 2 only
C. Both 1 and 2
D. Neither 1 nor 2