State-owned Non-Banking Financial Company and a ‘Navratna’ enterprise under administrative control of the Ministry of Power, REC Limited has been evaluated as the highest score of 100 for FY21 for the targets and milestones set by the Department of Public Enterprises, Ministry of Finance under the rigorous and aspirational ‘Memorandum of Understanding (MoU)’ framework prescribed for the Central Public Sector Enterprises (CPSEs).
REC is the only CPSE to secure a Perfect score amongst the 123 CPSEs across 32 sectors (including power, railways, steel, mines, heavy industries, petroleum, defence among others) which were a part of the MoU evaluation exercise for the FY 21.
It is pertinent to mention that the power sector behemoth had registered its highest ever Net Profit of ₹8,362 crores in FY21, which was a 71% jump over the previous financial year. The Net Worth of the company also climbed by 24% to reach its highest ever at ₹43,426 crores as on 31st March 2021.
Going ahead, REC is committed to work for the cause of a reliable, robust and resilient power sector.