REC Limited, a prominent financier in the Indian energy sector, has announced a record-breaking performance for the financial year ending March 31, 2024. According to a provisional report, the company achieved its highest ever loan sanctions and disbursements, signaling robust operational growth.
For the fiscal year 2023-24, REC Limited sanctioned loans amounting to ₹3.588 lakh crore, marking a significant increase of 33.66% from the previous year’s ₹2.688 lakh crore. A notable part of this growth is the remarkable surge in sanctions for renewable energy projects, which saw an unprecedented rise of 538.79%, from ₹21,371 crore in FY 2022-23 to ₹1,36,516 crore in FY 2023-24.
The company’s loan disbursements also witnessed a substantial growth of 66.72%, totaling ₹1.615 lakh crore, up from ₹96,846 crore in the preceding year. This uptick reflects REC’s strong commitment to bolstering the energy sector’s infrastructure, particularly in sustainable and renewable energy sources.
The loan book of REC Limited expanded to ₹5.09 lakh crore, registering a growth of 17.13% over the previous year’s ₹4.35 lakh crore. This growth underlines REC’s pivotal role in supporting the Indian government’s push for increased renewable energy capacity, aligning with global efforts towards a more sustainable and environmentally friendly energy landscape.
This financial achievement showcases REC Limited’s continued success and its strategic focus on enhancing India’s energy sector, particularly through significant investments in renewable energy projects.
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