On August 30, 2024, Solar Energy Corporation of India Ltd (SECI) was granted the prestigious Navratna status by the Ministry of Finance. SECI, a Central Public Sector Enterprise (CPSE) under the Ministry of New and Renewable Energy, has achieved this recognition as it completes 13 years of incorporation.
About SECI
SECI is a prominent CPSE dedicated to expanding Renewable Energy (RE) capacity in India. With a cumulative generation awarded capacity of 69.25 GW and an annual power trading volume exceeding 42 billion units, SECI plays a critical role as the foremost Renewable Energy Implementing Agency (REIA) in the country. The organization is committed to meeting climate goals and promoting sustainable development.
Financial Performance
- Turnover: SECI reported a consolidated annual turnover of Rs. 13,118.68 Crore for the Financial Year 2023-24, marking a significant increase of 20.85% from the previous year.
- Profit After Tax (PAT): The company achieved a PAT of Rs 510.92 Crore, reflecting a growth of 34.89% compared to the previous financial year.
Impact of Navratna Status
Being classified as a Navratna CPSE provides SECI with enhanced autonomy in financial and operational matters. This status will accelerate the company’s growth through increased agility, an improved geographical presence, and a stronger focus on technology. It also underscores the Government’s commitment to India’s transition towards sustainable energy.
Multiple-Choice Questions (MCQs):
- On what date was SECI granted Navratna status?
- A) August 25, 2024
- B) August 30, 2024
- C) September 1, 2024
- D) September 5, 2024
- What is SECI’s cumulative generation capacity?
- A) 60.25 GW
- B) 65.75 GW
- C) 69.25 GW
- D) 70.00 GW
- How much did SECI’s annual turnover increase in the Financial Year 2023-24?
- A) 15.85%
- B) 20.85%
- C) 25.85%
- D) 30.85%
- What was SECI’s Profit After Tax (PAT) for the Financial Year 2023-24?
- A) ₹400.92 Crore
- B) ₹450.92 Crore
- C) ₹510.92 Crore
- D) ₹550.92 Crore
- Which of the following is a benefit of SECI’s Navratna status?
- A) Increased government subsidies
- B) Enhanced autonomy in financial and operational matters
- C) Reduced competition in the renewable energy sector
- D) Exclusive rights to all renewable energy projects