Your Directors are pleased to present the 38^th Annual Report on the business and operations of your Company
along with the Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31,
2025 (FY 25).

1 SUMMARY OF PERFORMANCE:

Your Company has achieved exemplary performance and registered significant growth during the FY 25. A
summary of the key financial and operational highlights for FY 25, along with the comparative figures for the
previous financial year (on a standalone basis), is presented below:

FINANCIAL HIGHLIGHTS

Profitability

•    During FY 25, the Revenue from Operations of your Company increased to '6,742.41 Crore, registering
a significant growth of 35.83% over the previous year's revenue of '4,963.93 Crore.

•    Profit Before Tax (PBT) and Profit After Tax (PAT) increased to an all-time high of '2,103.80 Crore (24.84%
YoY) and '1,698.60 Crore (35.64% YoY) respectively at the end of FY 25.

Loan sanctions, disbursement and Loan book

•    Loans Sanctioned during FY 25 were '47,453.11 Crore, registering an increase of 27.04% over the
previous year's sanctioned amount of '37,353.68 Crore, which is the highest ever annual sanction in
your Company's history.

•    Loans disbursed during FY 25 were '30,167.87 Crore, showing an increase of 20.24% over the previous
year's disbursed amount of '25,089.04 Crore, which is the highest ever annual disbursement in your
Company's history.

•    The loan book of your Company has grown from '59,698.11 Crore as on 31^st March 2024 to '76,281.65
Crore as on 31^st March 2025 registering a significant growth of 27.78%.

Net worth, CRAR and other financial highlights

•    Net Worth of your Company placed at '10,266.16 Crore at the end of FY 25, registering an increase of
19.94% over the previous year's Net Worth of '8,559.42 Crore, mainly on account of retained earnings.

•    The Tier-I Capital of the Company stood at '11,137.60 Crore as on March 31, 2025, marking a growth
of approximately 34.7% over '8,265.20 Crore in the previous year. The Tier-II Capital rose to '1,922.96
Crore in FY 25, registering a growth of around 106.8% compared to '929.93 Crore in FY 24.

•    The Capital to Risk-weighted Assets Ratio (CRAR) improved to 17.77% as on March 31, 2025, up from
15.51% in the previous year, indicating a strengthened capital adequacy position which is above the
floor of 15% prescribed for NBFCs as per the RBI Master Direction and which also refects optimum
utilization of capital.

*The CRAR as on 31^st March 2024 stood at 20.11%, comprising Tier-I Capital of 18.08% and Tier-II Capital of 2.03%. This
was computed based on a 50% risk weight assigned to commissioned renewable energy infrastructure project assets
financed by the Company, which had achieved their commercial operations date (COD) and had been operational for over
a year Pursuant to a revision in the risk weight to 100%, effective 31^st March 2025, the CRAR for the corresponding period
has been restated to 15.51%.

Key financial ratios of the Company for FY 25 vis-a-vis FY 24 are given below:

2. BUSINESS OPERATIONS
• Sanctions and Disbursements

During FY 25, your Company sanctioned loans to the tune of '47,453.11 Crore, thereby registering an
increase of 27.04% over the previous year's sanctioned amount of '37,353.68 Crore. Loans disbursed during
FY 25 were '30,167.87 Crore, showing an increase of 20.24% over the previous year's disbursed amount of
'25,089.04 Crore. Sector-wise details of sanctions and disbursements during FY 25 are as under:

(' in Crore)

Cumulative sanctions and disbursements as on March 31,2025, stood at '2,37,915.64 Crore and '1,56,084.54
Crore respectively. The details of cumulative State-wise and Sector-wise sanctions and disbursements are
provided in Annexures I to IV.

• Generation Capacity Sanctioned

During FY 25, your Company has extended financial assistance to support power generation capacity,
manufacturing of Renewable Energy (RE) equipment and other RE initiatives, as per the following details:

A: Power Generation: Capacity Sanctioned

B: Other Sectors: Capacity Sanctioned

• Loan Book Outstanding

The loan book of your Company has grown from '59,698.11 Crore as on 31^st March 2024 to '76,281.65 Crore
as on 31^st March 2025 registering a growth of 27.78%. The outstanding loan book as of the end of FY 25
categorized as public & private sectors is given below:

3. RESOURCE MOBILIZATION

Your Company has maintained a diversified borrowing mix to optimize the cost of funds. The total borrowings
of your Company stood at '64,740.31 Crore as of FY 25, as against '49,686.87 Crore at the end of FY 24.
During FY 25, your Company has raised long-term funds amounting to '25,200.46 Crore across different
sources as given below:

Further, for maintaining adequate liquidity, your Company had also access to the sanctioned credit lines
to the tune of '5,480 Crore as on March 31, 2025, by various scheduled commercial banks for short-term
funding.

Green Bonds

Your Company had raised domestic taxable green bonds of '700 Crore and '865 Crore during FY 17 and
FY 19 respectively which are listed on both NSE and BSE. The proceeds of the bonds were utilized towards
financing the Solar and Wind sector, including refinancing of eligible projects as defined in the Green Bond
framework of your Company.

KPMG, India had provided its post-verification Independent Assurance Report for '865 Crore worth of Green
Bonds issued during FY 19 and M/s Emergent Ventures India Pvt. Ltd. had provided its post-verification
Independent Assurance Report for '700 Crore worth of Green Bonds issued during FY 17. These Assurance
Reports are based on the Green Bond Framework of your Company which has been certified by the Climate

Bonds Standard Board of Climate Bond Initiative (CBI) as on October 5, 2016. Your Company is compliant
with the requirements of its Green Bonds Framework in line with the CBI, to ensure that the amount raised
through Green Bonds remains invested in the eligible projects. These Green Bonds issued by your Company
conform to the continuous disclosure requirements of the applicable SEBI guidelines as amended from
time to time. The detailed report on utilization of the proceeds of Green Bonds is available on the website
and the same can be accessed at https://www.ireda.in/compliance-of-bonds

Perpetual Debt Instruments

During FY 25, your Company has raised an amount of '1,247 Crore through its first ever issue of Perpetual
Debt Instruments (PDI). The subject PDI has no maturity and is callable only at the option of the Company
after 10 years and each anniversary thereafter. Other relevant disclosure on PDI appears in Notes to
Accounts of the financial statements forming part of this Annual Report.

4.    CREDIT RATING

During the year, your Company received international issuer rating of BBB- (long term) and A-3 (short term)
with Stable Outlook from S&P Global Ratings Limited.

Further, your Company has been upgraded from AA+ (Positive) to AAA (Stable) by CARE Ratings Limited
in June 2024 in respect of all categories of domestic instruments rated by them. The Credit rating of
all domestic debt instruments (except PDI) are AAA (Stable) as rated by ICRA Limited, India Ratings &
Research Private Limited, Brickwork Ratings India Private Limited and CARE Ratings Limited. PDI is rated
AA+(Stable) by ICRA Limited and India Ratings & Research Private Limited.

Further, Long term loan & Short-term loan from banks / financial institutions have been assigned "AAA"
Stable and "A1 + " respectively by ICRA Limited, India Ratings & Research Private Limited and Acuite Ratings
& Research Limited.

Gol Fully Serviced Bonds are rated "AAA" Stable from India Ratings & Research Private Limited, ICRA
Limited and CARE Ratings Limited.

5.    FINANCING SCHEMES & INITIATIVES

Your Company reviews its policies/procedures from time to time, to suitably align with market requirements,
corporate objectives, and applicable statutory & regulatory requirements. Your Company provides a
comprehensive range of financial products and related services from project conceptualization to the post¬
commissioning stage for RE projects and equipment manufacturers. During FY 25, your Company has
introduced various new schemes and modified existing schemes/policies not only to sustain the growth
of your Company's market share in Renewable Energy Financing but also to extend support for sectoral
requirements, which includes providing financial assistance related to power generation/transmission,
manufacturing/Energy efficiency/re-financing of commissioned projects/ production of first-generation
ethanol, Advanced Metering Infrastructure Service Provider (AMISP) etc.

Further, your Company has also extended support to MSMEs, such as requirement of one external rating for
applicability of rebate in interest rate against normal requirement of two external ratings and assignment
of project rights by way of undertaking against registered deed.

To align with the Government initiatives, your Company has also supported projects in PM-KUSUM segments
and Rooftop Solar (in aggregator mode). Under PM-KUSUM segment, your Company has sanctioned '3,032
Crore and disbursed '761 Crore during FY 25.

Further, your Company has been appointed as the Implementing Agency for the following schemes and
programs of the Ministry of New & Renewable Energy (MNRE):

•    MNRE CPSU Scheme - Phase-II, Tranche-III

•    National Bioenergy Program

•    National Programme on High-Efficiency Solar PV Modules under PLI scheme, Tranche-I

•    Generation Based Incentive (GBI) Scheme

6. RECOVERY, REVIEW MONITORING & STRESSED ASSETS MANAGEMENT

Your Company has a dedicated Recovery & Review Monitoring department for regular monitoring of projects
and review to ascertain timely actions as per requirement to maintain asset quality and reduce NPAs. It
has a comprehensive project/loan review and monitoring mechanism that captures aspects relating to
project monitoring and tracking of project/loan applications during appraisal, sanction, documentation,
disbursement, commissioning, and operation stages. It continuously monitors delays and defaults of
borrowers and their recoverability. Periodic review and monitoring of the entire loan portfolio including NPA
accounts are being conducted regularly. This enables identification of early warning signals like delayed
repayments, underlying causes and timely initiation of resolution/recovery actions, wherever required.

On occurrence of default in the borrower's account, your Company initiates necessary steps which may
involve action(s) including, but not limited to, follow-up with the borrower for regularization of account(s)
through letters/e-mails, convening meetings, Special Mention Account (SMA) reporting to RBI, credit
information reporting to Central Repository of Information on Large Credits (CRILC), CIBIL, etc., Regular
monitoring of Trust and Retention Account (TRA), Restructuring/Reschedulement of loan accounts wherever
feasible and sustainable to recover dues and, suitable resolution plans such as change of management,
invocation of securities and other recovery mechanisms like referring the case for suitable legal actions,
as per requirement. The status of Gross Non-Performing assets (GNPAs) & Net Non-Performing Assets
(NNPAs) is summarized in the table below:

With a focused approach, '287.76 Crore has been recovered from NPA/stressed loans during FY 25 which is
the highest recovery in last three years. The amount recovered from NPAs includes '134.00 Crore towards
Principal, '147.06 Crore towards Interest Income and '6.70 Crore towards other income. The recovery
amount includes '24.74 Crore from written off/loss assets during FY 25. Further, your Company carries
out a Credit Risk Assessment of the loan book based on the Expected Credit Loss Methodology and on this
basis, provisioning is done for loan assets depending on the stages & expected loss.

Asset Quality

Your Company received an interim order from SEBI on 16.04.2025 w.r.t. irregularities in operations of
M/s Gensol Engineering Limited (GEL). The matter was examined by Internal Investigation Committee of
your Company and on their recommendation, your Company has filed a complaint with Economic Offence
Wing (EoW) of Delhi Police. Further, the Company received invocation requests under certain POI/LOC
issued in favour of GEL and accordingly, '10 Crore on 19.04.2025 and '70.12 Crore on 30.04.2025 were
invoked and converted to loan account as per agreement. The Company subsequently recalled the loan,
pursuant to which applications were filed against M/s Gensol Engineering Limited (GEL) and M/s Gensol
EV Lease Pvt. Ltd for initiation of corporate insolvency resolution process under Section 7 of Insolvency and
Bankruptcy Code, 2016 (IBC) in National Company Law Tribunal ('NCLT’’) and the same were admitted on
13.06.2025. Accordingly, IRP has been appointed by the NCLT, who has taken over the business operations
of the companies. In response to invitation of claims by the IRP, IREDA being a financial creditor has filed
its claims. Further, applications for recovery of debt have been fifed before Hon'bfe Debt Recovery Tribunal
under Section 19 of the Recovery of Debt and Bankruptcy Act, 1993 against M/s GEL, M/s Gensof EV Lease
Pvt. Ltd., for an amount of '510.00 Crore and '218.95 Crore, respectively. The Company is also pursuing
other course of action. The accounts are secured by hypothecation of project assets and collateral of PG, CG
and pledge of equity shares etc.

7.    SHARE CAPITAL

The Authorized Share Capital of your Company is '6,000 Crore divided into 600,00,00,000 Equity Shares
of '10/- each. The paid-up equity share capital of your Company as on March 31, 2025, is '2,687.76 Crore,
comprising 268,77,64,706 equity shares of the face value of '10/- each.

Further, Department of Investment and Public Asset Management, MoF, GoI vide OM dated 18.09.2024
approved the issue of fresh equity shares through QIP route, in one or more tranches with dilution of GoI
shareholding up to an extent of 7% of the paid-up equity on post issue basis. Subsequently, the Board of
Directors accorded approval to raise equity capital for an amount aggregating upto '5000 Crore in one or
more tranches through QIP subject to maximum dilution of 7% of the paid-up equity on post issue basis.
Also, the Shareholders of the Company in its 22^nd EGM held on 24.02.2025 approved the said proposal.
Accordingly, the Company has allotted equity shares having Face Value of '10/- each to Qualified Eligible
Buyers at a premium of '155.14 per share aggregating to total equity fund raising of '2,005.90 Crore. As
on June 30, 2025, the paid-up equity share capital of the Company stands at '2,809.23 Crore (GoI holds
71.76 % of the paid-up equity share capital).

The details of the dematerialization of shares and Demat Suspense Account / Unclaimed Suspense Account
are provided in the Corporate Governance Report as annexed to this report.

8.    DIVIDEND

As per the guidelines issued by the Department of Investment and Public Asset Management (DIPAM)
vide OM dated 27.05.2016 on Capital Restructuring, and subsequently revised on 18.11.2024, detailing the
guidelines for payment of Dividends, all Central Public Sector Enterprises (CPSEs) are required to pay a
minimum annual dividend of 30% of Profit After Tax (PAT) or 4% of Net Worth, whichever is higher. Your
Company, being a CPSE in the finance sector (NBFC), is however required to pay minimum annual dividend
of 30% of PAT subject to the limit, if any, under any extant legal provisions.

Keeping in view the need for further capital augmentation to enhance lending towards India's renewable
sector, your Company has been exempted from the payment of dividend for FY 25 by DIPAM.

9.    SUBSIDIARY, JOINT VENTURES & ASSOCIATE COMPANY

During FY 25, your Company has incorporated a wholly owned subsidiary Company i.e. M/s IREDA Global
Green Energy Finance IFSC Limited at IFSC, GIFT City, Gujarat on May 7, 2024. The Company has received
the Certificate of Registration dated 18.02.2025 from International Financial Services Centre Authority
(IFSCA) to undertake the activities as a Finance Company. This subsidiary Company will act as an offshore
platform for securing funds and tapping new business opportunities in foreign currency to drive growth in
the RE sector. The financial performance of the subsidiary Company for FY 25 is provided here under:

As on March 31,2025, the Company does not have any Associate or Joint Venture Company.

During FY 25, the Board of Directors has accorded approval for incorporation of a wholly owned subsidiary
for renewable energy financing in retail segment subject to the requisite approvals. In this regard, the
Company has received approval from the Department of Investment and Public Asset Management (DIPAM)
& the Ministry of New and Renewable Energy (MNRE), and other statutory & regulatory approvals are in
process.

Also, the Board of Directors has accorded approval for equity investment of 5% each in M/s GMR Upper
Karnali Hydropower Ltd. (GUKHPL), Nepal & M/s Karnali Transmission Company Pvt. Ltd. (KTCPL), Nepal,
subject to statutory and regulatory approvals. The proposed investment is in association with SJVN Limited
and GMR group for setting up of 900 MW Upper Karnali Hydro-Electric Power Project and associated
transmission tine in Nepal. The proposed shareholding in the 900 MW Upper Karnali Hydro-Electric
Power Project (through GUKHPL) is 34%, 34% and 5% by SJVN, GMR and IREDA respectively with 27% free
equity issue to the Nepal Electricity Authority (NEA) while the proposed shareholding in the associated
transmission line (through KTCPL) is 47.5%, 47.5% and 5% by SJVN, GMR and IREDA respectively. The
approval of the Ministry of New and Renewable Energy and the Department of Investment and Public Asset
Management have been received. Also, post the end of the FY 25, RBI has also granted an exemption from
paras 46.2 (i) and (iii) of the Master Direction - RBI (NBFC - Scale Based Regulation) Directions, 2023 for
the proposed equity investment of 5% each in GUKHPL and KTCPL, subject to compliance of conditions
mentioned therein.

10. CONSOLIDATED FINANCIAL PERFORMANCE

Pursuant to Section 129 of the Companies Act, 2013 and Rules made thereunder (the Act) and Indian
Accounting Standards, the Company has prepared the Consolidated Ind-AS Financial Statements for FY 25,
that include its wholly owned subsidiary Company i.e. IREDA Global Green Energy Finance IFSC Limited
(Audited). The Consolidated Financial Statements shall also be laid before the 38^th Annual General Meeting
along with the Standalone Financial Statements of the Company for adoption. Pursuant to Section 129(3) of
the Act, a statement containing the salient features of the financial statements of subsidiaries/ associates/
joint ventures in Form AOC-1, forms part of this Annual Report. The Audited Ind-AS Financial Statements
including the Consolidated Ind-AS Financial Statements and Audited Accounts of subsidiary of the Company
are available on the website of the Company. Further, these documents would be kept open for inspection
through electronic mode by any member or any trustee for debenture holders.

The highlights of the consolidated financial statements for FY 25 are placed herewith:

11.    ISO CERTIFICATION

Your Company is an ISO 9001:2015 & ISO 27001:2022 certified organization. The ISO 9001:2015 Certificate
has been awarded by Bureau of Indian Standards (BIS) for Quality Management System (QMS). With better
process management, your Company maintains quality, consistency and customer satisfaction in its
business operations.

ISO 27001:2022 Certificate has been awarded by IQCS Certifications Private Limited for Information Security
Management System. The compliance of various security measures as required under the above standards
has ensured a robust secured network for data processing and information flow.

12.    RISK MANAGEMENT POLICY OVERVIEW

Your Company has established a comprehensive policy framework for management of risks. The Risk
Management Framework encompasses credit risk, market risk as well as operational risk management.
The Risk Management Policy, evolved under the guidance of the Risk Management Committee (RMC) and
duly approved by the Board of Directors, is refined periodically based on emerging market trends and own
experience. The Risk Management Committee is headed by an Independent Director.

IREDA's comprehensive risk management is overseen by the Board of Directors. The Risk Management
Committee is a Board-level Committee that guides the development of policies, procedures, and systems
for our evolving business landscape. The independent Risk Management function is headed by the Chief Risk
Officer (CRO), who maintains regular communication with the Committee members. The Risk Management
function is independent from business and reports directly to the Chairman and Managing Director. Our
structured risk framework through the Internal Capital Adequacy Assessment Process (ICAAP), identifies,
assesses, and manages risks that could impact on our business, financial position, or capital adequacy.

Your Company has an internal Audit Department for assessing the adequacy and effectiveness of aft internal
controls, risk management practices, governance systems, and processes.

The Prudent Risk Management policies are ratified by the Board of Directors to ensure compliance with RBI
guidelines and SEBI (LODR) Regulations, 2015, forming the regulatory framework for aft business activities.
The Risk Management Committee also considers the matters which are specifically referred to it by the
Board of Directors, besides considering the mandatory requirements of the Regulation 21 read with Part
D of Schedule II of SEBI (LODR) Regulations, 2015, issued from time to time. The Board has the overall
responsibility of risk management which takes care of managing all aspects of risk in the organization.

Your Company's risk management framework is built on clear understanding of various risks, disciplined
assessment and measurement, continuous monitoring, and a commitment to ongoing improvement.

Credit Risk Management

Your Company's core business is lending, which exposes it to various types of credit risk especially
diminution in the credit quality of borrowers or counterparties, losses stemming from outright default,
and/or reduction in portfolio value. Your Company is adhering to RBI mandated prudential norms, ensuring
portfolio diversification, following stringent credit approval processes, and conducting regular monitoring
and timely remedial measures.

During FY 25, focused efforts were made to resolve the stressed assets portfolio and sustain asset quality
through institutionalized processes.

Operational Risk Management

Operational risks refer to potential losses arising from inadequate or failed internal processes, people,
and systems or from external events. Your Company has established an Operational Risk Management
Committee, which is a functional-level Committee to identify, review and manage operational risks. Your
Company is strengthening Operational Risk Management Framework, which follows the 'three lines of
defense' model for systematic risk control. Your Company's operational control framework covers the
system of internal controls and monitoring procedures with functional heads regularly assessing and
preparing for emerging risks. By implementing robust risk management procedures, your Company strives
to minimize operational disruptions and enhance customer satisfaction.

Liquidity Risk Management

Liquidity Risk is the risk that a Company may not be able to raise funds, meet its financial obligation
due to an asset liability mismatch or interest rate fluctuation or lack of sufficient cash. Your Company's
liquidity and interest rate risk management framework is well defined in the Board approved Asset Liability
Management Policy.

The exposures arising from borrowings and other liabilities, along with related risks from existing and future
lending and borrowing activities including the availability of committed credit lines and borrowing facilities
are managed by a dedicated ALM group. These are periodically reviewed by the Asset-Liability Committee
(ALCO) in alignment with management objectives and the Board-approved Risk Appetite Framework.

Market Risk

Market risk is defined as the risk of loss arising from movements in market prices or rates away from the
rates or prices set out in a transaction or agreement. Market Risk Management of a financial institution
involves the management of interest rate risk, foreign exchange risk, and security price risk. Interest rate
risk is the potential loss arising from fluctuations in market interest rates.

Your Company periodically reviews interest rates based on market conditions, borrowing costs, yield, and
spread. To mitigate interest rate risk, lending rates and both weighted average and incremental borrowing
costs are regularly assessed against prevailing market rates. The ALM Division conducts risk measurement
through cash flow forecasting, sensitivity analysis, concentration limits, and, where applicable, derivative
contracts or hedging.

The Asset-Liability Committee (ALCO) reviews liquidity gap reports, Liquidity Coverage Ratio (LCR), Stock
ratios, and High-Quality Liquid Assets (HQLA) to ensure sound liquidity and interest rate risk management.

Foreign Currency Risk

Our Company has a Board approved Foreign Exchange and Derivatives Risk Management Policy which,
inter-aLia, covers the management of foreign exchange risk emanating from existing and future foreign
currency loans. The objective of the policy is to serve as a guideline for transactions to be undertaken for
hedging foreign exchange-related risks including but not limited to interest rate risk and currency risk.

Foreign currency exchange rate movements may adversely impact the value of foreign currency borrowing
outstanding of '8,527.61 Crore, which accounts for 13.17% of the total borrowing of your Company
of '64,740.31 Crore, as on 31^st March 2025. The overall foreign currency borrowing has reduced from
'9,298.67 Crore (18.71% of the total borrowings) as on 31^st March 2024 to '8,527.61 Crore (13.17% of the
totaL borrowings) as on 31^st March 2025. The totaL foreign currency borrowing outstanding of '8,527.61
Crore comprises of USD 540.10 million (equivalent to '4,622.24 Crore), JPY 51,923.38 million (equivalent to
'2,946.65 Crore) and EUR 103.84 million (equivalent to '958.72 Crore) as on 31^st March 2025.

Your Company can undertake derivative products (generic and/or structured instruments) as per the RBI
guidelines to lower/mitigate the risks as per the Foreign Exchange and Derivatives Risk Management Policy.

As on March 31, 2025, out of the total foreign currency borrowing, 72.32% is hedged i.e. '6,166.90 Crore,
comprising USD 513.85 million (equivalent to '4,397.58 Crore), JPY 20,420.10 million (equivalent to '1,158.84
Crore) and EUR 66.12 million (equivalent to '610.48 Crore). Your Company had an open foreign currency
exposure of '2,360.71 Crore including part hedged foreign currency loans of EUR 30.38 million (equivalent
to '280.52 Crore) and JPY 2,371.50 million (equivalent to '134.58 Crore) which is 27.68% of the total foreign
currency borrowing outstanding. The open foreign currency exposure as on March 31, 2025, is within the
prudential limit prescribed under the Board approved Foreign Exchange and Derivatives Risk Management
Policy.

Your Company as per its overall strategy, uses derivative products to hedge its risks associated with foreign
currency borrowings. Your Company does not use derivative contracts for speculative purposes.

Asset Liability Management

Your Company has put in place a comprehensive Board approved Asset Liability Management (ALM) Policy
formulated in line with the RBI guidelines. The objectives of ALM policy are to align management of various
risks with overall strategic objectives while ensuring maintenance of sufficient liquidity, to withstand a
range of stress events.

Your Company has an Asset Liability Management Committee (ALCO) with the CMD, Whole-time Director
and Senior Officials as its members, which meets regularly for review of liquidity and interest rate risks.
Liquidity risk is assessed and monitored by analyzing cash inflows and outflows which are spread over time
buckets. Adequate credit facilities and liquid assets are ensured to mitigate liquidity risk.

Your Company has a well-laid out reporting system for ALM, pursuant to which requisite remedial measures
are taken. By adhering to the ALM policy, your Company ensures prudent management of its assets and
LiabiLities.

Information and Cyber Security Risk Management

Your Company has in place an IT Strategy Committee, Information Security Committee, and IT Steering
Committee in compliance with the RBI Master Direction on Information Technology Governance, Risk,
Controls and Assurance Practices. These Committees review the IT strategies including IT Security in
sync with the Corporate Strategy & Board policies, and monitors the IT Risks, Controls, Cyber Security
arrangements and other matters related to IT Governance ensuring an effective and robust IT system in
place.

In line with the RBI Master Direction on Information Technology Governance, Risk, Controls and Assurance
Practices, your Company has implemented various IT Security policies including but not limited to Change
Management, Information Security, Business Continuity Management, Access Control, Information Asset
Management and Cyber Security etc.

13. SOLAR POWER PROJECT

Your Company has fully commissioned 50 MW solar power project located in Kasargod, Kerala. The plant is

running at full capacity, generating renewable energy that is supplied to the Kerala State Electricity Board
(KSEB) under a long-term Power Purchase Agreement (PPA).

The electricity generated from this project is billed at a tariff of '3.83 per unit, in accordance with the order
issued by the Kerala State Electricity Regulatory Commission (KSERC).

Beyond contributing to India's clean energy transition, this project plays a key role in your Company's
commitment to sustainability and carbon neutrality. During FY 25, the 50 MW solar power plant generated
70.53 million units, contributing to a reduction of 59,958 tons of CO₂ emissions, supporting the broader
national decarbonization goals.

14.    INFORMATION TECHNOLOGY INITIATIVES

To facilitate the transition to a paperless environment and increase operational efficiency in internal
decision making, your Company had already adopted an E-Office system on Cloud. During FY 25, the
E-Office was migrated to its latest version to enhance data security by introducing controls such as Captcha
Authentication and disaster recovery capabilities, ensuring the integrity and availability of critical documents
and information stored in E-Office. The use of E-Office has empowered your Company with a modern,
scalable, and secure digital workspace that supports seamless collaboration and boosts productivity which
resulted in efficient and timely processing of files.

Your Company has been continuously reviewing and monitoring the security posture of the IT Infrastructure
and significant steps have been taken to enhance its IT Infrastructure Security. This includes implementation
of security controls such as Multifactor Authentication, Zero Trust Network Access, regular conduct of
IT Security Audits, closure of observations to ensure the effectiveness and robustness of our security
measures.

To improve transparency and reduce manual intervention, your Company has been proactively automating
its business processes. As part of this initiative, your Company has successfully transitioned its ERP
solution to the latest cloud-based version. This migration has significantly enhanced the automation and
integration of business workflows while introducing new features and improvements. Additionally, this
shift has transformed the lending process by eliminating paper usage, fostering greater transparency,
accountability, and more efficient monitoring. Through the adoption of digital platforms, productivity has
been notably increased.

Your Company also launched an enhanced Customer Portal, providing a two-way interactive platform
for seamless communication between customers/applicants and the Company. This advancement has
resulted in enhanced customer experience and improved operational efficiency. The real-time information
exchange and the online document repository will further streamline processes and reduce turnaround
time, benefiting both your Company and its customers.

15.    CUSTOMER RELATIONS

Your Company has established a dedicated team for Business Development which gathers market
intelligence and reaches out to potential clients. In particular our business development team plays a
crucial role in onboarding players across new and emerging technologies such as Green Hydrogen, Electric
Mobility, Smart Metering Infrastructure etc. To maintain its position as a premier financial institution in
the renewable energy sector, your Company actively engages with the borrowers and other stakeholders
to gather their feedback. This input is instrumental in reviewing and refining both policies and operational
processes, with a focus on enhancing the ease of doing business. During FY 25, your Company organized 4
(Four) 'Borrower's Meets', which were attended by both existing and prospective borrowers.

Your Company has created a digital interface for its stakeholders enabling virtual interaction for lending
and various other services, without need for physical meetings. An Online Customer Portal is available on
the website of your Company, whereby the new borrowers can submit an online loan application and obtain
real-time information on their application status and other relevant details.

For continual brand building, traditional media presence and social media platforms are being effectively
used by your Company for information dissemination on various important events.

16.    WORLDWIDE EXHIBITIONS AND CONFERENCES

During FY 25, your Company actively participated in prominent Domestic and International exhibitions and
conferences, highlighting its financial products and accomplishments on a global stage. Notable events
included World Future Energy Summit -2024, UAE; Intersolar- 2024, Munich, Germany; RE Invest- 2024
Gandhinagar, Gujarat; World Future Energy Summit -2025, UAE; 26^th World Energy Congress, Rotterdam,
the Netherlands; Utkarsh Odisha - Make in Odisha Conclave 2025, Bhubaneswar, Odisha; Pravasi Bhartiya
Diwas-2025, Bhubaneswar, Odisha; Rising Rajasthan: Global Investment Summit 2024, Rajasthan; National
dialogue by Centre for Science and Environment (CSE), Alwar; CMA Achiever's Meet, New Delhi; 39^th Indian
Engineering Congress, Kolkata; Odisha Solar Investor Conference, Bhubaneswar; where it showcased its
contributions to renewable energy development through discussions and screening of its corporate film.

17.    PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN
EXCHANGE EARNINGS & OUTGO

Conservation of Energy and Technology Absorption

Your Company being an NBFC, finances the Renewable Energy and Energy efficiency projects. As such, the
information pertaining to conservation of energy and technology absorption is not applicable. However, to
achieve net zero in carbon emissions, the Company has set up 50 MW solar power project in Kasargod,
Kerala.

Foreign Exchange Earnings and Outgo

During FY 25, there were foreign exchange earnings of '1.75 Crore on account of interest on foreign currency
deposits, as against foreign exchange outgo of '248.28 Crore on account of interest and commitment
expenses.

18.    CORPORATE SOCIAL RESPONSIBILITY

Your Company is strongly committed to being a socially responsible agency that actively contributes to
society and the nation to improve the quality of life. The Company's Corporate Social Responsibility (CSR)
initiatives are deeply rooted in the principle of making a positive impact and aligning with the goals set
by the Government of India and the Sustainable Development objectives. Through its CSR initiatives, your
Company aims to promote and will continue to facilitate enhancement of value creation in society through
contribution in sustainable community and environmental projects in the field of healthcare, nutrition,
renewable energy, energy efficiency, clean technologies etc. towards environmental and social development
of the Country.

Additionally, your Company focuses on areas such as environmental protection, promotion of green and
energy-efficient technologies, and development of underprivileged regions, as per the provisions of Section
135 of the Companies Act, 2013 read with Companies (Corporate Social Responsibility Policy) Rules, 2014.

Your Company has in place a Board Level CSR Committee. Your Company's CSR Policy is available at https://
www.ireda.in/images/HTMLfiles/CSR%20POLICY%20 %20IREDA 2425.pdf

Your Company has aligned itself with the guidelines issued by the Department of Public Enterprises
(DPE) regarding the common annual theme of "Health & Nutrition" for CPSEs in FY 25. Out of the total 13
(Thirteen) CSR projects sanctioned during FY 25, your Company has undertaken 6 projects that specifically
focus on the annual theme of "Health & Nutrition". Your Company has sanctioned 3 (Three) CSR projects in
the aspirational districts declared by the Government of India, which are as follows:

•    Financial assistance of an estimated cost of '5,04,56,000/- (Including Taxes) for supply and installation
of 3 kWp offgrid solar power systems at 120 nos. of Anganwadi or Centres and 50 nos. of health
centres at the aspirational district of Chandauli, Uttar Pradesh

•    Sanction of Financial assistance of an estimated cost of '10,25,00,398/- (Including Taxes) towards
procurement of medical equipment's to be utilized at Homi Bhabha Cancer Hospital & Research
Centre, Muzaffarpur, Bihar

•    Financial assistance of an estimated cost of '31,36,767/- (Including Taxes) for construction of Pipeline
systems, platform, shed and completion of other required works at Community Health Centre, Itwa,
Siddharthnagar; UP for installation of medical oxygen plant.

During FY 25, your Company sanctioned '24.34 Crore for a total of 13 projects under CSR funds for FY 25
(excluding administrative overheads for an amount of '0.02 Crore) and released an amount of '2.33 Crore

from the CSR funds for FY 25 based on the project's progress (including administrative overheads). Further,
an amount of '4.99 Crore was released and utilized for project expenditure in FY 25 from the unspent
account of FY 24, while an amount of '0.42 Crore was released and utilized for project expenditure in FY 25
from another unspent account for previous CSR projects. Apart from the above, an amount of '8.43 Lakh
relating to completed project from previous years wherein no further disbursement was required and hence
transferred to Clean Ganga Fund in FY 25.

Details of our CSR activities and the corresponding expenditure for each activity are provided in Annexure-V
of this report.

As a socially responsible corporate, your Company is committed to expanding its CSR impact over the
coming years and aims to play a larger role in the development of the Nation.

19. HUMAN RESOURCE DEVELOPMENT

As your Company navigates an ever-evolving business landscape, its human resource function remains
committed to fostering a culture of excellence and inclusivity. Human capital is the backbone of your
Company, and its importance cannot be overstated. It drives creativity, innovation, and productivity,
contributing not only to the operational efficiency but also to the strategic growth of your Company.

> HR Purpose:

Your Company believes in building strong value system and implementing best practices to enhance
and improve its capabilities and achieve organizational objectives. The HR strategy continues to align
with the Company's goals, ensuring to attract, develop, and retain top talent to drive sustainable
growth and contribute to the broader mission of the Company. People processes/practices have
been designed and executed to facilitate a conducive work environment. To create an engaging and
interactive workplace, the human resource team has framed a well-defined HR policy, encompassing
strategies for the healthy development of employees. To ensure effective implementation of policies,
IT tools are pre-configured with checks and workflows. Further, your Company frequently evaluates
the employees benefits and remuneration policy, to benchmark it with industry standards.

>    Elevated Engagement Levels:

By implementing targeted initiatives, your Company aims to enhance employee engagement. This
involves creating a workplace where employees feel connected, motivated, and aligned with your
Company's mission.

By fostering a positive work environment and promoting employee engagement, IREDA can enhance
morale, job satisfaction and loyalty. Investing in employee wellbeing initiative, such as health and
wellness programs, promotes physical and mental health, reducing absenteeism and improving
overall efficiency. Training, mentorship, and performance management systems are leveraged to
nurture talent and drive continuous improvement. Regular feedback mechanisms and opportunities
for training & skill development contribute to a positive employee experience.

Employee Engagement Initiatives undertaken during FY 25 are as below:

•    International Yoga Day celebration on 21^st June 2024

•    De-cluttering / cleanliness drives between 1^st June to 4^th June 2024 and 14^th to 30^th September
2024 as part of 'Swachhata Hi Sewa' Campaign

•    Tree plantation drive "Ek Ped Maa Ke Naam" as part of the "Swachhata Hi Seva 2024" campaign
on 26^th September 2025

•    Diwali Celebration on October 30, 2025

•    Sports Day - Badminton Tournament organized on 30^th November 2024 under the Fit India
Movement

•    National Mission for TB-Free India campaign on 12^th & 13^th February 2025

•    International Women's Day celebration on 8^th March 2025

•    Foundation Day Celebration on 11^th March 2025

To promote health and well-being of employees, your Company has organised preventive health
checkups in October 2024 and January 2025.

To enhance personality development as well as to enhance mindfulness & concentration at job, your
Company organises guided meditation sessions on daily basis. As part of employees' holistic wellness
and mental wellbeing, daily yoga sessions are also conducted.

Your Company also has a 'Fitness Centre' in its Business Centre equipped with latest fitness equipment
and qualified trainers.

>    HR Demographics:

The total employee strength of your Company was 166 as on March 31,2025 as against 173 as on March
31, 2024, excluding Board Level Executives. Out of total employee strength of 166, 150 employees
are holding executive level positions. The attrition rate of your Company was 2.95 %, excluding
superannuation & death cases. The average age of the employees as on March 31,2025 is ~43.5 Years.

>    Strong Empowered Women: Bright Futures

Your Company focuses on creating equal opportunities for women, ensuring their participation in
all levels of the organization, and promoting their growth and development. Your Company remains
committed to fostering women empowerment across all levels of operation. In FY 2024-25, number
of female staff was 47 i.e. 28.31% of total employee strength. Out of total women employees, 97.87%
are holding executive level positions. We actively encourage equal opportunities for women and
promote gender diversity through inclusive hiring, leadership development programs, and supportive
workplace policies. Through our commitment and continuous efforts, we continue to align with the
Government of India's vision for inclusive growth and equitable participation of women in the financial
ecosystem.

>    Agile Workforce Development: Training & Development

Your Company believes in collectively enhancing the knowledge of its employees and nurturing its
human talent through ongoing capacity building and training. Your Company conducted regular

training programs and workshops for employees on various areas related to its operations. In FY 25,
employees have been imparted training on various topics like Advanced Management Development
Program, Leadership communication skills for Central Public Sector Enterprises, public procurement,
Infrastructure finance, Corporate risk management, Insolvency and Bankruptcy Code (IBC) for Asset
Resolution, Vigilance administration, Business Analytics for Strategic and Tactical Level Decision
Making, etc.

The employees had the opportunity to learn, develop and enhance their skills both through offline and
virtual modes of training, lecture series and other focused development training programs conducted
regularly. Your Company also promoted knowledge sharing and learning on the job through transfers
and job rotation of employees within the organization.

Your Company provides specialized training programs from various premium educational institutes/
organizations - IITs, IIMs, AJNIFM, etc. There are various training programs conducted by the Ministry
of New and Renewable Energy (MNRE), Department of Public Enterprises (DPE), DIPAM-CBC, etc.

Customized virtual in-house programs were organized along with other need-based programs.
The range of training imparted includes orientation programs for new recruits as well as hands-on
managerial, behavioral, and leadership training for employees. A few such programs are listed below:

•    Advanced Management Development Program on 'Return on Training Investment (ROTI) &
Valuation of Intangibles'

•    Enhancement of Leadership Communication Skills of CPSEs Executives

•    Overview of GFR and Public Procurement through GeM

•    Virtual training on 'Corporate FX Risk Management'

•    Workshop on Public Private Partnership (PPP)

•    Infrastructure Finance

•    Training Program on 'Insolvency and Bankruptcy Code (IBC) for Asset Resolution'

•    Business Analytics for Strategic and Tactical Level Decision Making

•    Leadership workshop on "Discover the Power Within"

•    Workshop on Information and Cyber Security

•    Vigilance Administration

As part of its holistic wellness initiatives, your Company also facilitated employee participation in an
Ayurveda and Naturopathy course organized by a reputable institute.

During FY 25, various lecture series, focused development training programs and workshops were
organized by your Company leading to the achievement of 1,523 training man-days.

By promoting a culture of employee well-being, strategic alignment, and continuous learning, IREDA
cultivates an agile and motivated workforce. This strategic focus on human capital not only propels
IREDA towards its long-term goals but also strengthens its ability to create sustainable value for
stakeholders, cementing its competitive edge and resilience in a rapidly changing environment.

> Reservation and Employment

Your Company ensures compliance with the Directives and Guidelines issued by the Government of
India from time to time pertaining to the welfare of SC/ ST/ OBC employees. The group-wise details of
SC, ST and OBC employees out of the total strength as on March 31, 2025, are as under:

>    Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

Your Company is committed to fostering a positive workplace environment, free from harassment of
any nature and takes strong and stringent action in the event of reporting any such incidents. Your
Company has in place an Internal Complaints Committee to examine the cases of sexual harassment
under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act,
2013. During FY 25, no complaints have been received on this subject.

>    Grievance Redressal

Your Company has Grievance Redressal Mechanism in place for both public and employees. Grievance
Redressal Committee Meetings are being held every quarter, and all the grievances are addressed
expeditiously through well-defined procedures. Your Company also has a dedicated "Online Portal for
Grievance Redressal" for employees.

Also, your Company has a notified Citizen's Charter for ensuring transparency which is available on
Company's website.

>    Particulars of Employees

As per provisions of section 197(12) of the Companies Act, 2013 read with the Rule 5(2) and 5(3) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, every Company
is required to give a statement showing the names and other particulars of the employees drawing
remuneration in excess of the limits set out in the said rules in the Annual Report of the Company.
However, as per notification dated June 05, 2015, issued by the Ministry of Corporate Affairs,
Government of India, government companies are exempted from complying with provisions of section
197 of the Companies Act, 2013. Your Company is a government Company therefore, such particulars
have not been included as part of the Directors' Report.

>    Other Highlights

•    "LOTTO LOPNTT - ILdTj LOPNTT"

To commemorate the 10^th anniversary of the launch of Swachh Bharat Mission, Swachhata Hi Sewa
2024 campaign was observed in your Company from 14^th September to 1^st October 2024 with the theme
of 'Swabhav Swachhata - Sanskaar Swachhata'. As part of the fortnight campaign, your Company
organized de-cluttering / cleanliness drive. Your Company also participated in a tree plantation drive
"Ek Ped Maa Ke Naam" at an orphanage in New Delhi, organized interactive session on 'Swabhav
Swachhata - Sanskaar Swachhata', followed by administering Swachhata Pledge.

Your Company also participated in beautification and transformation of Cleanliness Target Units (CTU)
/ Swachhata Lakshit Ekayi in Aspirational Districts of Chandauli, Uttar Pradesh. Health Camp for
Safaimitras as part of Safaimitra Suraksha Shivir were also organised by your Company.

•    Ni-Kshay Shivirs for TB-Free India

Your Company conducted awareness session on 'TB Awareness' on 12^th February 2025 as part of
the 100-Day Intensified Campaign on TB Elimination launched by the Ministry of Health and Family
Welfare, Government of India. Team from the Centre TB Division, Ministry of Health and Family Welfare
conducted Ni-Kshay Shivir screenings on 12^th & 13^th February 2025 at your Company's Corporate Office
in New Delhi providing on-site screening and consultations to encourage timely medical intervention.

The session aimed at educating your employees about TB prevention, early diagnosis, and the benefits
of treatment for silent TB infection. Your Company also administered the "Ni-Kshay Shapath" for a
TB-free India to all employees via a virtual platform.

•    International Yoga Diwas: Connecting Body, Mind and Soul

Your Company celebrated the International Day of Yoga with the theme 'Yoga for Self and Society' on
21^st June 2024 under the directions of MNRE, in collaboration with SECI. A mass yoga demonstration
was organized at Thyagaraj Stadium, New Delhi based on the Common Yoga Protocol where all
employees participated.

20. OFFICIAL LANGUAGE IMPLEMENTATION

Your Company is committed for implementing the guidelines and instructions issued by Department of
Official Language, Ministry of Home Affairs, Government of India and Nagar Rajbhasha Karyanvayan Samiti
(NARAKAS). The targets set for typing and short-hand training were achieved during FY 25. Newly appointed
officers are nominated for Hindi language training. The progressive use of Hindi as the Official language
is encouraged in your Company and Check Points based on the Official Language Annual Programme was
circulated timely during the month of April 2024. To promote the use of the Official language Hindi, bilingual
version of IREDA intranet portal and IREDA website is available. To promote the use of the Official language
Hindi in office work, Hindi words with English meaning is done daily through SMS notification. To facilitate
using Hindi in e-office and daily typing work, Hindi typing fonts have been made mandatory available in all
computers. As a part of compliance with the implementation of the Official language Guidelines, regular
Hindi workshops and Hindi meetings are organized from time to time. During FY 25, 4 (four) Hindi workshops
were successfully organized through virtual mode through which information about the guidelines of the
Government of India was shared.

Hindi Pakhwada was celebrated from 14^th September to 28^th September 2024 to promote the use of Rajbhasha
Hindi in office work. During this Pakhwada, many competitions were successfully organized through virtual
mode, in which employees participated enthusiastically, and a poetry recitation competition was also
organized for the children of IREDA employees. Certificates were also awarded to all the winners in the
closing ceremony of Hindi Pakhwada. To promote the use of Rajbhasha Hindi, E-magazine 'Akshay Kranti'
is published regularly in IREDA. In the closing ceremony of Hindi Pakhwada, IREDA's Hindi E-magazine
'Akshay Kranti' was released which is also available on IREDA's Hindi website. Hasya Kavi Sammelans were
organized in the ceremony for Retired Officers and Stakeholders in IREDA.

During FY 25, the implementation of Official Language Policy of IREDA was inspected by Administrative
Ministry i.e., Ministry of New and Renewable Energy on November 20, 2024, and in this regard your Company
was appreciated by the Administrative Ministry.

Under the aegis of Town Official Language Implementation Committee (Undertaking-I), Delhi, your Company
has organized a competition on Official Language Knowledge and Hindi Grammar for all the undertakings
in which a total of 12 participants from various undertakings have participated. For this, your Company was
honoured with the 'Organizer Award' by NARAKAS.

21. Reporting under Public Procurement Policy for Micro & Small Enterprises Order 2012

In compliance of the Public Procurement Policy for Micro and Small Enterprises, issued by Government of
India vide Micro and Small Enterprise (MSEs) Order, 2012, purchase preference is given by your Company
to MSE vendors while making procurements. Various relaxations are also being provided to MSEs like
exemption from Earnest Money Deposit, Prior Turnover and Prior Experience in procurement activities (on
select basis) etc. Further, your Company is registered on GeM (Government e-Marketplace), Sambandh
& Samadhan and TReDS (Trade Receivables Discounting System) Portals of Government of India. Your

Company is making maximum procurement from GeM Portal, as per the availability of Goods and Services.
During FY 25, the total procurement of '9.35 Crore has been made from MSEs Vendors. There are no MSEs
to whom the Company owes dues which are outstanding for more than 45 days as on March 31, 2025.

22 RIGHT TO INFORMATION (RTI) ACT,2005

Your Company has implemented the Right to Information Act 2005 in order to provide information to
citizens, and to maintain accountability and transparency. Your Company has a designated Central Public
Information Officer (CPIO) and First Appellate Authority (FAA) for the effective implementation of the RTI Act.
The mandatory reports such as quarterly/annual reports are submitted periodically within the stipulated
timelines on the website of the Central Information Commission. Further, all the relevant details along with
suo-moto disclosures under Section 4(1)(b) of the Act, are also hosted on your Company's website at https://
www.ireda.in/rti-act2005

The information pertaining to the number of applications and appeals received by the RTI Cell during FY 25,
is provided below:

23. VIGILANCE

Your Company ensures the implementation of the instructions and guidelines issued by the Central
Vigilance Commission (CVC) from time to time and conducts preventive and administrative vigilance checks
to strengthen the systems and procedures. During FY 25, several new initiatives and System Improvements
were undertaken by the Vigilance Department.

Your Company has observed Vigilance Awareness Week from 28^th October 2024 to 3^rd November 2024 with
theme of    dh    dh    i.e. "Culture of Integrity for Nation's Prosperity”, wherein

Integrity Pledge was taken by every employee. On the eve of Vigilance Awareness Week, employees have
participated with full zeal and enthusiasm in various awareness program including lectures, seminars,
presentations, speech competitions etc. As a part of the PIDPI awareness campaign, posters and banners
were displayed at various locations and radio jingles were played.

24.    AWARDS & RECOGNITION

During FY 25, your Company was conferred with the following prestigious awards on March 21, 2025:

•    CBIP Award 2024 for its 'Outstanding Contribution to the Development of the Renewable Energy
Sector'.

•    In recognition of his exemplary leadership, Shri Pradip Kumar Das, Chairman & Managing Director of
your Company was honoured with the CBIP Individual Award for his 'Outstanding Contribution to the
Development of the Renewable Energy Sector'.

At the 14^th PSE Excellence Awards organized by the Indian Chamber of Commerce on December 21, 2024,
your Company received:

•    Gold Awards in the Mini Ratna category for "Corporate Governance" and "Corporate Social
Responsibility & Sustainability."

•    Silver Award for "Operational Performance Excellence."

Your Company was also honoured by the Ministry of New & Renewable Energy for its significant contribution
to India's achievement of the 200 GW non-fossil installed capacity milestone, as the largest NBFC in the
sector, at RE-Invest 2024 on September 16, 2024.

25.    ENVIRONMENTAL AND SOCIAL MANAGEMENT SYSTEMS

Your Company is a key player in the renewable energy sector and a responsible financial institution that has
adopted a comprehensive Environmental and Social Management System (ESMS) to identify and mitigate
the impacts, if any, of the funded projects on the environment and society at large.

The Environmental & Social Safeguards Unit (ESSU) of your Company has the primary responsibility of
safeguarding against impacts pertaining to Environmental and Social (E&S) aspects of various projects and
their respective technologies, besides ensuring implementation of the ESMS. During FY 25, E&S Screening
and Categorization of about 109 projects were carried out across all technologies funded by your Company.
Regular interaction with international lenders is maintained to understand their E&S requirements. This
has helped your Company to meet its E&S obligations and has helped the borrowers in managing E&S risks
associated with their projects.

26.    DIRECTORS

•    Board of Directors and Key Managerial Personnel (KMPs)

As on March 31,2025, your Company's Board comprised of 7 (seven) Directors which includes 2 (Two)
Functional Directors, 1 (One) Part-Time Government Nominee Director and 4 (Four) Part-Time Non¬
Official Independent Directors (IDs) including one Woman Independent Director.

During FY 25 and till the date of this report, the following changes occurred in the Board of Directors:

>    Dr. Bijay Kumar Mohanty, Director (Finance) was holding additional charge of Director (Projects)
for a period of 6 (six) months w.e.f. March 05, 2024, till the appointment of regular incumbent, or
until further orders, whichever is earliest, in pursuance to MNRE order dated March 27, 2024.
His additional charge of Director (Projects) was further extended for a period of six (6) months
w.e.f. September 5, 2024, or till the appointment of a regular incumbent or until further orders,
whichever is the earliest, in pursuance to MNRE order dated September 12, 2024.

>    Shri Ajay Yadav, ceased as Government Nominee Director w.e.f December 12, 2024, due to
completion of his central deputation tenure, in pursuance to MNRE order dated December 12,
2024. The Board placed on record its deep appreciation of the valuable contributions made by
him during his tenure as Government Nominee Director.

>    Shri Shabdsharan N. Brahmbhatt ceased as Independent Director w.e.f. January 21,2025, due to
completion of his tenure in pursuance to MNRE Order dated January 21,2022. Shri Shabdsharan
N. Brahmbhatt has been again appointed as Independent Director w.e.f. March 28, 2025, for a
period of one year from the date of MNRE order or until further orders, whichever event occurs
earlier, in pursuance to MNRE order dated March 28, 2025. The Board of Directors on the
recommendation of Nomination & Remuneration Committee have appointed Shri Shabdsharan

N. Brahmbhatt as an Additional Director, Independent Director, till the date of the next general
meeting who shaft be eligible for appointment at the AGM.

>    Dr. Jaganath C.M. Jodidhar ceased as Independent Director w.e.f. March 28, 2025, due to
completion of his tenure in pursuance to MNRE Order dated March 28, 2022. Dr. Jaganath C.M.
Jodidhar has been again appointed as Independent Director w.e.f. March 28, 2025, for a period of
one year from the date of MNRE order or until further orders, whichever event occurs earlier, in
pursuance to MNRE order dated March 28, 2025. The Board of Directors on the recommendation
of Nomination & Remuneration Committee have appointed Dr. Jaganath C. M. Jodidhar as an
Additional Director, Independent Director, till the date of the next general meeting who shall be
eligible for appointment at the AGM.

>    Appointments Committee of the Cabinet ("ACC") vide its Order dated 13.05.2025 has approved
the extension of tenure of Shri Pradip Kumar Das, Chairman & Managing Director (CMD), IREDA
for a period w.e.f. 06.05.2025 till the date of his superannuation i.e. 30.06.2026, or until further
orders whichever is earlier.

Smt. Ekta Madan is the Company Secretary and Compliance Officer of the Company. As per the
Companies Act, 2013 provisions, and with the approval of Board, the Chairman and Managing Director
(CMD), CFO, and Company Secretary are your Company's Key Managerial Personnel (KMPs) as on
March 31^st, 2025.

•    Board and its Committees

23 (Twenty -three) meetings of the Board of Directors were held during the FY 25. Your Company has in
place an Audit Committee, CSR Committee, Nomination and Remuneration Committee, Stakeholders'
Relationship Committee, Risk Management Committee, and other Committees as per the operational
needs. The composition and scope of the Committees are provided in the Report on Corporate
Governance, which forms part of this report. There is no instance where the recommendations of the
Audit Committee were not accepted by the Board.

•    Director(s) retiring and seeking appointment / re-appointment at the ensuing AGM

In accordance with the provisions of the Companies Act, 2013 and Article 74 (7) of the Articles of
Association of your Company, Dr. Bijay Kumar Mohanty, Director (Finance) shall retire by rotation at
the ensuing 38^th AGM of your Company and being eligible, offers himself for re-appointment.

Brief resume and other particulars of Dr. Bijay Kumar Mohanty, Director (Finance) are annexed to the
Notice of AGM forming part of this Annual Report.

27. DIRECTORS' APPOINTMENT /REMUNERATION AND PERFORMANCE EVALUATION

As per Clause of sub-section (3) of Section 134 of the Companies Act, 2013, the requirement of disclosure
of policy on the Director's appointment and remuneration criteria for determining qualifications, positive
attributes, independence of a Director and other matters provided under sub-section (3) of Section 178
of the Act has been exempted for government companies vide Ministry of Corporate Affairs notification
dated June 5, 2015. As good governance and to comply with the SEBI Listing Regulations, your Company
has put in place a policy on the Diversity of the Board, appointment/remuneration of directors and senior
management personnel, and performance evaluation of Directors. The said policy is available on your
Company's website at https://www.ireda.in/images/HTMLfifes/PoUcv%20on%20Diversitv%20of%20Board%2028 04 2025%20060525.pdf

The Board of your Company comprises well-qualified Directors, who brings the required skills, competence,
and expertise in running your Company and make effective contributions to the Board and its Committees.
Being a Government Company, the process for selection, appointment, and induction of Directors vests
with the Hon'ble President of India acting through the administrative Ministry and the Department of Public
Enterprises (DPE). The appointing authority considers the integrity, expertise, and experience of the
individual to be nominated or appointed as a Director, including an Independent Director on the Board of
your Company, and also conducts their evaluation.

The performance evaluation of CMD includes self-evaluation and final evaluation by the Administrative
Ministry based on the MoU rating and personal attributes & functional competencies. The evaluation of
the performance of functional directors includes self-evaluation by the respective functional directors and
subsequent assessment by CMD (based on achievement of MoU targets and MoU rating, KPIs and personal

attributes & functional competencies), with final evaluation by the Administrative Ministry. In compliance
with the provisions of the Companies Act 2013 (the Act) and the exemption granted to government companies,
your Company has been exempted from disclosing in its Board Report, a statement indicating how formal
evaluation of the performance of the Board, its Committees and individual Directors has been made.

To comply with the SEBI (LODR) Regulations, 2015, the evaluation of the Independent Directors was conducted
based on criteria laid down by the Board on the recommendation of the Nomination & Remuneration
Committee. The said criteria provide certain parameters like attendance, acquaintance with business,
communication inter-se between board members, effective participation, compliance with code of conduct,
training etc. Independent Directors in their separate meeting have also evaluated the performance of Non¬
Independent Directors and the Board as a whole.

The Independent Directors are entitled to sitting fees for attending the Board and Committee meetings
as approved by the Board within the limits prescribed under the Act. The Government Nominee Directors
are not paid any remuneration/sitting fee by your Company. The remuneration for functional directors and
sitting fees of Independent Directors have been disclosed in the Corporate Governance report.

28.    DECLARATIONS BY INDEPENDENT DIRECTORS

During FY 25, all the Independent Directors met the requirements specified under Section 149(6) of the
Companies Act, 2013 and Regulation 16(1)(b) of the SEBI (LODR) Regulations, 2015 for holding the position
of 'Independent Director,' and the necessary declarations have been received from each of them. Further,
none of the Independent Directors are related to one another. All Independent Directors have registered
their names in the Independent Directors' Databank maintained by the Indian Institute of Corporate Affairs.
The appointing authority considers the integrity, expertise and experience of the individual to be nominated
/ appointed. In the opinion of the Board, the Independent Directors of the Company are persons of integrity
and possess the relevant expertise, proficiency and experience to contribute effectively to the Company.

Pursuant to Schedule V Para C Clause (10)(i) of SEBI (LODR) Regulations, 2015, M/s P.C. Jain & Co., Company
Secretaries, have issued Certificate of Non- Disqualification of Directors to the Board of Directors during FY
25, and the same is attached in the Annual Report.

29.    STATUTORY DISCLOSURES

a)    There was no major change in the nature of Business of your Company during FY 25.

b)    Amount transferred to the Reserves have been mentioned under the head "Summary of performance."

c)    Your Company has not accepted any public deposits during FY 25 and will not accept any public
deposits during FY 26 also. The Board of Directors of the Company has passed requisite resolution in
this regard, in compliance of RBI Guidelines.

d)    No significant and material orders were passed by the Regulators, Courts or Tribunals impacting the
going-concern status of your Company and its operations in the future.

e)    Your Company has adequate internal financial controls with reference to the Financial Statements.
For details, please refer to the 'Management Discussion and Analysis Report'.

f)    Section-186(11) of the Companies Act, 2013, loans made, guarantees given or securities provided by
your Company, engaged in the business of financing Companies or of providing infrastructure facilities
in the ordinary course of its business are not applicable to your Company, hence no disclosure is
required to be made.

g)    During FY 25, your Company has not issued any stock options to the Directors or any employee.

h)    Your Company has adequate internal financial controls with reference to the Financial Statements.
For details, please refer to the 'Management Discussion and Analysis Report'.

i)    Your Company is maintaining Cost Accounts and records as prescribed under the Companies (Cost
Records and Audit) Rules, 2014, specified by the Central Government under sub-section (1) of section
148 of the Companies Act, 2013

j)    The Guidelines for MSMEs are being followed in your Company and Disclosure as required under
Micro, Small and Medium Enterprises Development Act, 2006 are mentioned under NOTE- 18 of the
financial statements.

k) During FY 25, there is no application pending/filed against IREDA to initiate CIRP against IREDA
under Insolvency and Bankruptcy Code, 2016. However, your Company, in the capacity of financial
creditor has filed 1 (one) application before the National Company Law Tribunal under the Insolvency
and Bankruptcy Code, 2016 for recovery of outstanding loans against its borrowers, being corporate
debtors and corporate guarantors. The details of the applications are as under:

l)    There was no instance of a One-Time Settlement with any Bank or Financial Institution during FY 25.

m) In accordance with Section 92(3) read with Section 134 (3) (a) of the Companies Act, 2013, Annual
Return(s) of your Company is available on the website of your Company and can be accessed at https://
www.ireda.in/annual-reports

n)    Your Company affirms that a Vigil Mechanism/Whistle Blower Policy is in place and no person has
been denied access to the Competent Authority.

o)    The Ministry of Corporate Affairs (MCA) vide Notification dated June 5, 2015, has exempted Government
Companies from the disclosure requirement of the provisions of Section 197 of the Companies Act,
2013. Hence, no disclosure is required to be made.

p)    Requisite information has been submitted timely to the exchanges and is available on the website of
Your Company.

q)    Your Company complies with all applicable mandatory secretarial standards issued by the Institute of
Company Secretaries of India.

r)    In compliance with SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, details of
Debenture Trustees appointed by your Company for bonds/debentures issued from time to time, are
mentioned in the Corporate Governance Report.

s)    Your Company has not contributed any amount in cash or in kind to any political party.

t)    During the last 3 years, your Company has not received any Presidential Directive.

u)    Key Financial Ratios for the FY 25, have been provided in the Management Discussion and Analysis
Report.

30.    RBI REGULATIONS

Your Company being Government owned entity, is categorized as NBFC-IFC Middle Layer and is subject to
the guidelines/regulations prescribed by the Reserve Bank of India (RBI). Your Company has complied with
all the requisite guidelines/regulations issued by the RBI time to time.

31.    POLICY

To strengthen Corporate Governance, your Company has introduced/amended some of its policies to carry
out its duties in an ethical manner. These policies are available on the website of your Company. Some of
these policies are:

?    Dividend Distribution Policy

https://www.ireda.in/imaaes/HTMLfiles/Revised%20Dividend%20Distribution%20policv.pdf

?    Policy on Vigil Mechanism/Whistle Blower Policy

https://www.ireda.in/images/HTMLf i[es/Po[icy%20on%20Vigi[%20Mechanism1.pdf

?    Policy on Related Party Transactions

https://www.ireda.in/images/HTMLfiles/Policv%20on%20Related%20Partv%20Transactions%2015 04 2025.pdf

?    Policy For Determining Material Subsidiaries

https //www ireda in/images/HTMLfiles/P0LICY%20F0R%20DETERMINING%20MATERIAL%20SUBSIDIARIES%2020022025%20040325 pdf

?    Insider Trading Policy

https://www.ireda.in/images/HTMLfiles/IREDApolicv.pdf

?    Archival Policy

https://www.ireda.in/images/HTMLfites/Archivat%20Poticv.pdf

?    Preservation of Documents Policy

https://www.ireda.in/images/HTMLfiles/Preservation%20of%20Documents%20Policv.pdf

?    Internal Guidelines on Corporate Governance

https://www.ireda.in/images/HTMLfiles/Internal%20Guidelines%20on%20Corporate%20Governance 26 08 2023-new.pdf

?    Diversity, Equity & Inclusion (DE&I) Policy

https://www.ireda.in/images/HTMLfiles/Diversitv%20Equitv%20%26%20Inclusion%20lDE%26Il%20Policv.pdf

?    Human Rights Policy

https://www.ireda.in/images/HTMLfiles/Human%20Rights%20Policv.pdf

?    Anti Bribery & Anti-Corruption (ABAC) Policy

httpsV/www ireda in/images/HTMLfiles/Anti%20Briberv%20and%20Anti%20CorruDtion%20lABACI%20Policv pdf

32. AUDITS & INSPECTION OF ACCOUNTS
Statutory Audit

M/s Shiv & Associates, Chartered Accountants, New Delhi (Firm Registration No.: 009989N) were appointed
as the Statutorv Auditors of vour Companv for FY 25 bv the Comptroller & Auditor General (C&AG) of India.
The Statutorv Auditors have audited the financial statements of vour Companv for FY 25 and there is no
qualification, reservation, adverse comment, or disclaimer. The audit report forms part of the Annual Report.

Pursuant to provisions of Section 143(12) of the Companies Act, 2013, neither the Statutory Auditors nor the
Secretarial Auditor has reported anv incident of fraud during the financial vear under review.

Your Companv has received 'Nil' comments on the financial statements for FY 25 from the Comptroller and
Auditor General of India (C&AG). The copv of the report of C&AG is annexed to the Annual report.

Risk Based Internal Audit

Your Company has adequate system of internal control systems commensurate with size, scale and
complexity of its operations to ensure accurate and timelv reporting of various transactions, efficiencv of
operations and compliance with applicable laws, regulations, guidelines and Company's policies. Review
of the Internal Financial Controls for ensuring accuracy and completeness of the accounting record,
safeguarding of assets, the prevention and detection of frauds and errors and timely preparation of reliable
financial information is conducted bv an experienced firm of Chartered Accountants in close co-ordination
with the Company's various departments.

The Internal Audit is carried out by Company's Internal Audit Department, with the help of external
professional audit firm, M/s Ravi Rajan & Companv, LLP, Chartered Accountants, appointed as internal
auditor, for the FY 25. The Audit Committee periodical reviews the significant findings of the audits, as
prescribed bv the Companies Act, 2013, SEBI (LODR) Regulations, 2015 and applicable RBI Guidelines.
Further, the Company has implemented Board-approved Risk Based Internal Audit (RBIA) Policy in
compliance with the RBI guidelines.

Secretarial Audit

M/s P.C. Jain & Co., Company Secretaries, were appointed by the Board of Directors to conduct the
Secretarial Audit of your Company for FY 25, as required under Section 204 of the Companies Act, 2013 and
Rules thereunder. The Secretarial Audit Report for FY 25 is attached herewith in Annexure-VI of this Report
and there is no qualification, reservation, adverse comment, or disclaimer.

Cost Audit

Your Company is maintaining Cost Accounting records as prescribed under the Companies (Cost Records
and Audit) Rules, 2014, specified by the Central Government under sub-section (1) of section 148 of the
Companies Act, 2013. Your Company has appointed M/s R.M. Bansal & Co. as the Cost Auditor for FY 2025¬
26 in relation to the audit of cost records of the 50 MW solar power project situated at Kasargod, in the State
of Kerala.

33.    CORPORATE GOVERNANCE

Your Company is committed to adopting and following the best practices in Corporate Governance and
meets all the applicable requirements which are within its ambit, under the Companies Act, 2013, SEBI
LODR Regulations, 2015, Guidelines on Corporate Governance for Central Public Sector Enterprises,
2010 issued by the Department of Public Enterprises and Secretarial Standards issued by the Institute of
Company Secretaries of India. Your Company is committed to ethical business decisions and conducting
business with a firm commitment to value creation and the expectations of stakeholders.

Your Company considers it an inherent responsibility to disclose timely and accurate information regarding
the operations & performance, leadership, and governance of your Company. The certificate issued by the
Practicing Company Secretary pursuant to the DPE guidelines on Corporate Governance and Schedule V
Para E of SEBI (LODR) Regulations, 2015 and report on Corporate Governance are attached as Annexure-
VII, VIII and IX of this report respectively.

34.    MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of Regulation 34 of the SEBI (LODR) Regulations, 2015, Management Discussion and Analysis
Report is set out as a separate section under this Annual Report.

35.    BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT

According to Regulation 34 of the SEBI (LODR) Regulations, 2015, the Business Responsibility and
Sustainability Report on the environmental, social and governance disclosure, is part of the Annual Report
and available on the website of your Company & can be assessed at https://www.ireda.in/annual-reports

36.    PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

During FY 25, the Company has not entered into any contracts/ arrangements/transactions with related
parties as defined in Section 188 of the Companies Act, 2013, hence no disclosure is required to be made in
Form AOC -2. The transactions with related party as per the requirement of the IND AS-24 are appearing in
Note 38(10) of Notes to the Accounts of the Financial Statements.

37.    MATERIAL CHANGES & COMMITMENTS (IF ANY) AFFECTING THE FINANCIAL POSITION OF YOUR Company
WHICH HAVE OCCURRED BETWEEN THE END OF THE FY TO WHICH THE FINANCIAL STATEMENT RELATE
AND THE DATE OF THIS REPORT

There are no material changes and commitments, affecting the financial position of your Company which
has occurred between the end of FY 25 to which the financial statement relates and the date of this report.

38.    GRANT OF NAVRTANA STATUS

During FY 25, the Department of Public Enterprises (DPE) vide its O.M. no. F.No. PD-I-26/0002/2023-DPE
dated April 26, 2024, has granted "Navratna" status to the Company.

39.    MoU WITH THE GOVERNMENT OF INDIA

Your Company enters into a Memorandum of Understanding (MoU) with the Ministry of New and Renewable
Energy (MNRE) every year wherein your Company is evaluated on various financial and non-financial
parameters. The achievement of your Company (on consolidated basis) as per the MoU parameters for FY
25 are as follows:

Your Company has achieved "Excellent" rating as per MoU evaluation consistently over the last 4 (Four)
financial years. For FY 25 also, it is expected to retain "Excellent" rating subject to assessment by the
Government of India.

40. DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to the requirements under Section 134(3)(c) and Section 134(5) of the Companies Act, 2013 with
respect to the Directors' Responsibility Statement, the Board of Directors of the Company hereby confirms
that:

a)    in the preparation of the annual accounts for the FY ending March 31,2025, the applicable accounting
standards have been followed and there are no material departures from the same;

b)    the Directors have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent to give a true and fair view of the state of
affairs of the Company as at the end of the FY 25 and of the profit of the Company for the FY 25;

c)    the Directors have taken proper and sufficient care for the maintenance of adequate accounting
records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities;

d)    the Directors have prepared the annual accounts for FY 25, on a going-concern basis;

e)    the Directors have laid down internal financial controls to be followed by the Company and that such
internal financial controls are adequate and were operating effectively and

f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable
laws & that such systems were adequate and operating effectively.

41. ACKNOWLEDGEMENTS

Your Directors are extremely thankful and acknowledge the excellent support extended to your Company
by the Government of India, Ministry of New & Renewable Energy, NITI Aayog, Ministry of Finance, Ministry
of Corporate Affairs and other Ministries/Departments of the Government of India, Reserve Bank of India,
Department of Public Enterprises, Department of Investment and Public Asset Management (DIPAM),
Securities and Exchange Board of India, National Stock Exchange of India Ltd. & Bombay Stock Exchange
Ltd. and other regulators. Your Directors also place on record the support and cooperation of domestic and
international banks/financial institutions, credit rating partners—S&P Global, ICRA, CARE Ratings, India
Ratings and Research, Acuite Ratings & Research, and Brickwork Ratings.

Your Directors are grateful to the Comptroller and Auditor General (C&AG) of India, Statutory Auditor,
Secretarial Auditor, Cost Auditor and Internal Auditor for their valued support and guidance.

The Board place on record their sincere appreciation towards the Company's esteemed stakeholders for
the support and confidence reposed by them in the management of the Company and look forward to the
continuance of in future.

Your Directors also wish to place on record their sincere appreciation for the diligent efforts, hard work and
commitment of employees in the growth of the Company.

For and on behalf of the Board of Directors

Sd/-

Pradip Kumar Das

Place : New Delhi    Chairman & Managing Director

Date : 10.07.2025    (DIN:07448576)

1

   Return on Net Worth, Book value per share, and Earnings per Share have been increasing year on
year.

•    Debt to Equity ratio has increased to 6.31 times due to raising of funds including Perpetual Debt
Instrument (PDI) & Subordinated debts in FY 25.

OTHER HIGHLIGHTS

•    During FY 25, the Department of Public Enterprises (DPE) vide its O.M. no. F.No. PD-I-26/0002/2023-DPE
dated April 26, 2024 has granted "Navratna" status to your Company.

•    During FY 25, your Company has raised an amount of '1,247 Crore through its first ever issue of Perpetual
Debt Instruments (PDI), strengthening its Tier-I Capital.

•    Your Company has been rated BBB- (long term) and A-3 (Short term) with Stable Outlook from S&P Global
Ratings Limited, International Rating Agency. Further, the credit rating of domestic instruments has been
upgraded from AA+ (Positive) to AAA (Stable) by CARE Ratings Limited.

•    Your Company has consistently been rated "Excellent" as per MOU with MNRE from last 4 (four) years.

•    Your Company has cumulatively sanctioned '2,37,915.64 Crore and disbursed '1,56,084.54 Crore, supporting
approximately 27 GW of commissioned renewable energy (RE) projects which accounts for around 12.3% of
the total ~220 GW installed RE capacity in the Country as on 31.03.2025.

•    Post the end of FY 25, your Company has raised External Commercial Borrowing (ECB) amounting to JPY
26 Billion for a five-year tenure with bullet payment at maturity. The landed cost (after hedging) is below 7%
p.a. This facility enables your Company to diversify its resource base and optimize cost.