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Business EconomyPosted at: Oct 1 2020 8:44PM


Rs 35,000 cr annual revenue target set for REC Ltd

New Delhi, Oct 1 (UNI) The Department of Public Enterprises (DPE) has finalised Rs 35,000-crore annual revenue target for REC Ltd in the current financial year, up by 17.5 per cent from the previous year achievement.
Operating profit margin target has been set at 28 per cent as against 23.23 per cent achieved in previous year and target for parameter ‘Profit After Tax as a per cent of Average Net worth’ has been set at 17 per cent as against 14.05 per cent achieved in previous year, according to a Power ministry statement on Thursday.
Several other performance-related parameters and non-financial parameters including parameters relating to Government of India’s ambitious program of DDUGJY have also been agreed to. The MoU was signed by REC Limited CMD Sanjeev Kumar Gupta and PFC Limited CMD Ravinder Singh Dhillon.
REC is confident to meet these targets in excellent category despite the ongoing pandemic. A major boost is expected from the “Aatmanirbhar Bharat” scheme for state utilities, whereby REC is expected to provide Rs 45000 Crore of loan assistance within this year and also the thrust to financing large Renewable Energy projects where sanctions during the first quarter itself have surpassed the assistance provided in the previous year.
Further, during the first quarter of FY 2020-21, REC has achieved an all-time high profit of Rs 1,839 Crore for any quarter. Revenue from operations achieved for the quarter was Rs 8,421 Cr which is indicative of the successful achievement of set targets by year end.
The MoU has been a standard performance measure for all CPSEs and REC has been delivering exemplary performances for the last several years.
REC Limited is a Navratna NBFC focusing on Power Sector Financing and Development across India.
Apart from this, REC is also the nodal agency for Centre's flagship schemes in the Power sector including Deendayal Upadhyaya Gram Jyoti Yojana (DDUGJY) and Saubhagya.

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