REC eyes over 10% growth in revenue at Rs 28,000 crore this fiscal


REC eyes over 10% growth in revenue at Rs 28,000 crore this fiscal

State-run REC is expecting an over 10 per cent growth in its revenue at Rs 28,000 crore in the ongoing fiscal on account of “excellent” performance. REC, a public infrastructure finance company in India’s power sector, had a turnover of Rs 25,310 crore in the 2018-19 fiscal.

The company’s main source of revenue is interest income from advances or loans. In a Memorandum of Understanding (MoU) inked on Friday with its holding firm Power Finance Corporation (PFC), REC has targeted to achieve Rs 28,000 crore revenue from operations this fiscal in view of “excellent” performance scenario.

According to the MoU, the company’s performance would be considered “very good” if it achieves Rs 27,000 crore net revenue from operations and “good” at Rs 25,000 crore turnover this fiscal.

REC Ltd, formerly Rural Electrification Corporation Ltd, has signed a performance-based MoU which has detailed contours of various targets to be achieved in 2019-20. Read  More

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