Indian Renewable Energy Development Agency (IREDA) has registered a 61 per cent year-on-year rise in net profit to ₹346 crore for the financial year 2020-21.
The public-sector non-banking financial institution’s total income rose 12 per cent year-on-year to ₹2,658 crore over the year, the Ministry of Power said in a statement on Sunday.
Its loan book has grown annually by 18 per cent year-on-year to ₹27,854 crore. Loans of ₹8,827 crore were disbursed in the fiscal year 2020-21, the second highest in the company’s history.
The net-worth of the firm has grown 19 per cent year-on-year to reach ₹2,995 crores in March. IREDA reduced its non-performing assets by 5.61 per cent over the fiscal year, the statement added.
Also read: IREDA invites bids for solar PLI scheme
The firm is the implementing agency for the Centre‘s ₹4,500-crore production-linked incentive scheme for solar manufacturing units.
Last week, IREDA invited bids from manufacturers under the scheme. The beneficiaries will be selected for five years, with incentives based on a range of parameters such as efficiency of modules, local value addition, backward integration, and size of plant.