REC wins ICAI Award for Excellence in Financial Reporting for FY 2022-23

REC Limited, a Maharatna Public Sector Unit and a leading NBFC under the Ministry of Power has been awarded ‘Plaque’ under the ‘Financial Services Sector (Other than Banking and Insurance)’ category at the ICAI Awards for Excellence in Financial Reporting for the financial year 2022-23.

This is the only award bestowed by the ICAI under this category and the selection has been made based on the company’s accounting practices, disclosure policies, presentation of financial statements, other information contained in the Annual Report and degree of compliance with Indian Accounting Standards, Statutory guidelines and Regulations.

Director (Finance), REC, Shri Ajoy Choudhury; Executive Director (Finance), REC, Shri Sanjay Kumar; and HoD (Finance), REC, Shri Jatin Kumar Nayak received the award from Chief Minister of Chhattisgarh, Shri Vishnu Deo Sai, at a ceremony held in Raipur. Cabinet Ministers of Chhattisgarh, Shri Brij Mohan Agrawal and Shri O. P. Choudhary were also present, along with ICAI President CA Aniket Sunil Talati, Vice President CA Ranjeet Kumar Agarwal, Research Committee Chairman & Vice Chairman and the ICAI Council Members.

Shri Ajoy Choudhury expressed gratitude for the recognition and highlighted the dedication of REC Limited’s team in maintaining top-notch financial practices.

Recently, REC was recognized for its exceptional performance in risk management and bestowed with the ‘Golden Peacock Award’ by the Institute of Directors (IOD). Additionally, the company was conferred the ‘Best Central PSU’ Award in the Financial Services category at the Dun & Bradstreet PSU Awards 2023.

The Institute of Chartered Accountants of India through its Research Committee has been organizing the ICAI Awards for Excellence in Financial Reporting since the year 1958, to recognize and encourage excellence in the preparation and presentation of financial as well as non-financial information in annual reports by entities across various sectors.

About REC Limited

REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years of operations. It provides financial assistance to state electricity boards, state governments, central and state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy. REC’s funding illuminates every fourth bulb in India. REC has recently diversified into financing infrastructure and the logistics sector as well. The Loan Book of REC stands at Rs. 4.74 Lakh Crore, ending the first quarter of the current financial year.

Disclaimer: This is an official press release by Pib.