Indian Renewable Energy Development Agency Ltd. (IREDA) conducted its 36th Annual General Meeting (AGM) on 30 June at India Habitat Centre in New Delhi.
For the first time any CPSE has done the AGM in June with all time high of Business in all fronts, after compliance of CAG and SEBI listing guidelines, thanks to an honest and visionary CMD IREDA, Pradip Kumar Das.
IREDA is presently a debt listed company and since the IPO process has been kick started, all the provisions with the listing of equity are also complied. The CPSE is scaling new heights with the overdrive of CMD Shri Das.
As per the information, so far only other two companies, Infosys (on 28 June ) and TCS (on 29 June) have done their AGM this year. Both the companies are in Private sector where CAG Audit is not required.
This is not only an achievement for IREDA but also for all CPSEs for showcasing the Corporate Governance standards, pointed out a senior Chartered Accountant and top financial analyst..
This was possible only because of the dedicated n focused working approach of the Team IREDA, said CMD.
During the AGM, the annual accounts for the financial year 2022-23 were adopted, showcasing remarkable achievements.
Addressing the Shareholders, Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA, shared an overview of the exceptional performance during FY 23. He stated, “IREDA has accomplished its highest-ever annual loan sanction, loan disbursement, loan book, profit, and net worth.”
CMD Shri Das emphasized IREDA’s commitment to maintaining strong asset quality. He highlighted the implementation of a structured recovery and monitoring mechanism, which includes monthly internal status reviews and quarterly interactions with borrowers.
As a result, IREDA successfully closed or upgraded 18 non-performing project loan accounts, recovering ₹202.43 crore. These efforts contributed to a healthy improvement in the NPA ratios at the end of FY 23.
CMD Shri Das further highlighted that alongside its impressive financial performance, IREDA actively engages in partnerships with green energy developers to recognize their evolving requirements for financial products. The company aims to raise awareness of new products and has already launched financing solutions for emerging areas such as Emobility, Green Hydrogen, and Green Transmission, etc.
IREDA is committed to upholding the highest standards of Corporate Governance, transparency, and business ethics to facilitate efficient and ethical business practices.
In FY 23, IREDA achieved a significant milestone by becoming the first Central Public Sector Enterprise (CPSE) to publish its Annual Audited results within 25 days after the end of the financial year. This accomplishment is particularly noteworthy considering that SEBI allows a period of 60 days for such disclosures.
IREDA has also set a remarkable precedent to conduct its AGM within 90 days after the conclusion of the financial year. It bears testimony to IREDA’s streamlined internal processes, digitized data management and good governance principles & practices.
