REC releases its first sustainability report at its 55th AGM

New Delhi: The 55th Annual General Meeting (AGM) of the REC Limited was held on Tuesday through video conferencing. REC Limited's Chairman & Managing Director (CMD) Vivek Kumar Dewangan 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.

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In his speech, 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 percent and highest ever yearly disbursements, reaching a staggering Rs 1,61,462 crore, with 67 percent year-on-year growth. The total income has grown to Rs 47,214 crore, up by 20 percent from the previous year. This is complemented by a net profit of Rs 14,019 crore, reflecting a 27 percent increase year-on-year. The loan book stands robust at Rs 5.09 lakh crore, with a growth rate of 17 percent year-on-year. Additionally, our Capital Adequacy Ratio is 25.82 percent, well above the minimum requirement of 15 percent."

"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 Rs 38,971 crore in renewable energy loans and aiming to increase this to around 30 percent of our projected Rs 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 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

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