Gurugram, 20 August 2024: The 55th Annual General Meeting (AGM) of the REC Limited was held today through video conferencing. Vivek Kumar Dewangan, Chairman & Managing Director, REC Limited chaired the meeting and 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.
In his speech, Shri Dewangan said, “We saw an exceptional growth in loans sanctioned, which increased to ₹3,58,816 crore in 2023-24, with growth of 34% and highest ever yearly disbursements, reaching a staggering ₹1,61,462 crore, with 67% year-on-year growth. The total income has grown to ₹47,214 crore, up by 20%from the previous year. This is complemented by a net profit of ₹14,019 crore, reflecting a 27% increase year-on-year. The loan book stands robust at ₹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.” He added, “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 released REC’s first Sustainability Report, aligned with the Global Reporting Initiative (GRI) Universal Standards 2021, which outlines the company’s Environmental, Social, and Governance (ESG) performance.
“We have established and assured a baseline for our carbon footprint, which will help us in planning emission mitigation strategies, eventually leading us to our Net Zero Plan. We are dedicated to achieve operational efficiency, uphold social responsibility, and maintain the highest governance standards as we lead the way in the NBFC sector on our ESG journey,” said Shri Dewangan.
The CMD concluded his address by expressing gratitude to the shareholders for their continued support and confidence in REC Limited.
Link for ESG Report : https://recindia.nic.in/uploads/files/CO-BDM-ESG-Report-2023-24.pdf
