Companies

REC given ₹35,000-crore annual revenue target

Our Bureau New Delhi | Updated on October 01, 2020 Published on October 01, 2020

This is an increase of 17.5% from last year

The Department of Public Enterprises (DPE) has finalised ₹35,000-crore annual revenue target for REC Ltd in the current financial year. An REC statement said this is up by 17.5 per cent from the previous year’s achievement. Operating profit margin target has been set at 28 per cent as against 23.23 per cent achieved in the previous year.

The target for Profit After Tax as a percentage of average net worth has been set at 17 per cent as against 14.05 per cent achieved in the previous year. Several other performance-related parameters and non-financial parameters, including parameters relating to Government of India’s ambitious program of Deen Dayal Upadhyay Gram Jyoti Yojana, have also been agreed to, the statement said.

REC said it is confident of meeting these targets despite the ongoing pandemic. A major boost is expected from the Atmanirbhar Bharat scheme for state utilities, whereby REC is expected to provide ₹45,000 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, the statement added.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on October 01, 2020
This article is closed for comments.
Please Email the Editor