IREDA To Be Considered For 'Navratna' Status On Nov. 30, Says Chairman

The government is considering granting Indian Renewable Energy Development Agency Ltd. the 'Navratna' status, according to Chairman Pradip Kumar Das.

The state-run non-banking financial services company was upgraded to 'Schedule A' category public sector enterprise from 'Schedule B' in September.

“There is likely to be a government of India meeting on Nov. 30, where upgrading IREDA to the 'Navratna' status will be considered," Pradip Kumar Das, managing director of IREDA, told BQ Prime.

The 'Navratna' status will enable better autonomy to the company and enhance its market perception in general, according to Kumar.

IREDA is set to list on the exchanges on Nov. 29, after its initial public offer closed on Nov. 23. The IPO was subscribed 38.80 times on the final day.

The company's term loans outstanding is Rs 47,206.6 crore as of June 30, compared to Rs 47,075.52 crore as of March 31. Its total term loans outstanding reported a CAGR of 30% between FY21 and FY23.

The NBFC sanctioned total loans of Rs 1,892.4 crore during the quarter ended June, compared with Rs 32,586.6 crore in FY23.  

While, total loans disbursed amounted to Rs 3,173.9 crore as of June 30, compared with Rs 21,639.2 crore in FY23.

In FY23 the lender reported total income of Rs 3,483 crore, compared with Rs 2,874.1 crore in FY22. In Q1 FY24, total income stood at Rs 1,143.5 crore. It grew 14.48% between FY21 and FY23.

Net profit stood at Rs 864.6 crore in FY23, compared with Rs 633.5 crore in FY22. Net profit stood at Rs 294.58 crore during the April-June quarter.

Gross non-performing assets as a percentage of term loans outstanding in FY23 reduced to 3.21% from 5.21% a year ago. It was 8.77% in FY21. “Our net NPAs as a percentage of net term loans outstanding reduced from 5.61% as of March 31, 2021 to 3.12% as of March 31, 2022, 1.66% as of March 31, 2023 and further to 1.61% as of June 30, 2023,” the company had said earlier.