New Delhi [India], August 26 : Indian Renewable Energy Development Agency Limited (IREDA) on Monday signed a performance-based Memorandum of Understanding (MoU) with Ministry of New and Renewable Energy (MNRE), Government of India, outlining strategic targets for the fiscal year 2025-26.
The MoU was signed by Santosh Kumar Sarangi, Secretary, MNRE and Pradip Kumar Das, Chairman and Managing Director, IREDA at Atal Akshay Urja Bhawan, New Delhi, in the presence of senior officials from MNRE and IREDA, a release said.
Under the MoU, the Government of India has set a Revenue from Operations target of Rs 8,200 crores for FY 2025-26. IREDA had exceeded its Revenue from Operations target in FY 2024-25, achieving Rs 6,743.32 crores against the target of Rs 5,957 crores. The MoU also includes key performance parameters such as Return on Net Worth, Return on Capital Employed, NPA to Total Loans, Asset Turnover Ratio, and EBTDA, among other targets.
Expressing confidence in the company's growth trajectory, Pradip Kumar Das, CMD, IREDA, said: "With the hope for continuing excellent performance for this year also, we are committed to sustaining our track record of excellence. IREDA has earned an 'Excellent' rating in MoU performance for four consecutive years since FY 2020-21.
For FY 2023-24 MoU rating, IREDA emerged as the top performer in the NBFC and Power sector and among the top four CPSEs across sectors, as per a list of 84 CPSEs issued by the Department of Public Enterprises, the release said.