Gurugram: REC Limited Chairman and Managing Director Vivek K Devangan has said that loans sanctioned by the company grew by 34% to ₹3,58,816 crore in 2023-24, with the highest ever yearly disbursements of ₹1, 61,462 crore, representing a 67% year-on-year rise.
Speaking at the 55th Annual General Meeting of the company via video conferencing, Mr. Devangan said the entire income increased by 20% to ₹47,214 crore compared to last year. The net profit was ₹14,019 crore, a 27% rise from the previous year. The loan book is strong at ₹5.09 lakh crore and has grown by 17% year on year.
Furthermore, our capital adequacy ratio is 25.82%, significantly higher than the minimum requirement of 15%. Furthermore, it is heartening to report that the company has had no new NPAs in the last nine quarters.” He said, “We are at the forefront of India’s energy transition, managing ₹38,971 crore in renewable energy loans and aiming to increase this to around 30% of our projected ₹10 lakh crore loan book by 2030.”
On this occasion, the Board of Directors issued REC’s first sustainability report, which is compliant with the Global Reporting Initiative’s (GRI) Universal Standards 2021 and details the company’s environmental, social, and governance (ESG) performance.
Shri Dewangan announced that the company has set a carbon footprint baseline, aiming to achieve operational efficiency, social responsibility, and governance standards in the NBFC sector.
The CMD expressed his gratitude to shareholders for their continued support and confidence in REC Limited.
Numerous shareholders attended the meeting via video conferencing, and the chairman and managing director called the meeting with a quorum present.
