REC unveils first sustainability report with 55th AGM meet

State-owned REC Ltd holds the 55th Annual General Meeting (AGM) through video conferencing. Vivek Kumar Dewangan, Chairman & Managing Director, of REC Limited chaired the meeting which was attended by all the Directors on the Board of the Company.

Many shareholders were present at the meeting through Video Conferencing.

The requisite quorum being present, the Chairman & Managing Director called the Meeting in order. The Chairman & Managing Director then delivered his speech.

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Dewangan said, “We saw an exceptional growth in loans sanctioned, which increased to Rs 3,58,816 crore in 2023-24, with growth of 34% and highest ever yearly disbursements, reaching a staggering Rs 1,61,462 crore, with 67% year-on-year growth. The total income has grown to Rs 47,214 crore, up by 20% from the previous year. This is complemented by a net profit of Rs 14,019 crore, reflecting a 27% increase year-on-year. The loan book stands robust at Rs 5.09 lakh crore, with a growth rate of 17% year-on-year. Additionally, our Capital Adequacy Ratio is 25.82%, well above the minimum requirement of 15%. Further, I’m pleased to report that we have had no new NPAs, over the last 9 quarters.”

 

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Additionally, he said, “We are at the forefront of India’s energy transition, managing Rs 38,971 crore in renewable energy loans and aiming to increase this to around 30% of our projected Rs 10 lakh crore loan book by 2030.”

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