Indian Renewable Energy Development Agency which is a state run organization is going to hit  international markets for cheaper sources of funding. IREDA is strategizing to create a retail department that will focus on initiatives involving Rooftop Solar, PM-KUSUM, Electric Vehicles (EVs), and various Business-to-Consumer (B2C) sectors.

Pradip Kumar Das, CMD of IREDA stated, “We have heavily borrowed in the domestic market, because the landed cost was becoming cheaper in the domestic market. But since the new technology, we have to look for alternate sources of green funds from overseas.”

He also explained that, the goal is to utilize leverage of up to seven times the equity by obtaining financing through more cost-effective and diversified sources. It was observed that following the company's listing, it has gained recognition in the global market as a specialized green finance institution, and aims to capitalize on this reputation.

IREDA also intends to establish a retail division to target the projects encompassing Rooftop Solar, PM-KUSUM, Electric Vehicles (EVs), and other Business-to-Consumer (B2C) segments.

He also demonstrated that, IREDA has been consistently propelling at a compound annual growth rate (CAGR) of over 30% over the past few years and aims to maintain at least 25% growth rate.He also added that, capital-to-risk (weighted) assets ratio (CRAR) of 15% is crucial for IREDA to secure an 'AAA' credit rating, allowing them to borrow at competitive rates. CRAR evaluates the sufficiency of capital by measuring the amount of capital a financial institution possesses in relation to its risk-weighted assets, guaranteeing it maintains an adequate cushion to cover losses and uphold financial soundness.

In Q3FY24, net income rose up by 44% year-on-year (YoY) to 1,253 crore, while operating profits rose by 49%. Provisions decreased by 24% YoY to 38 crore, and the tax rate declined to 13%. This resulted in a profit after tax (PAT) of 335 crore, marking a 67% increase compared to the previous year.

This Delhi based company has developed their market capitalisation of 41,418.45 crore and its shares have gained 157% over the last year.

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