REC Limited , a prominent player in India's power sector financing, has announced a significant change in its senior management. The company has appointed Shri Prince Dhawan, an Indian Administrative Service (IAS) officer, as its new Executive Director, effective September 23, 2025.

New Leadership at REC

Prince Dhawan brings a wealth of experience and an impressive educational background to his new role at REC Limited. An IAS officer from the AGMUT (Arunachal Pradesh, Goa, Mizoram, and Union Territories) cadre of the 2012 batch, Dhawan's appointment marks a strategic addition to the company's leadership team.

Educational Background

Dhawan's academic credentials are noteworthy:

• Bachelor's and Master's degrees from the prestigious Indian Institute of Technology (IIT) Delhi
• Master's in Public Administration from Harvard University's Kennedy School of Government, Cambridge, USA

Prior Experience

Before joining REC Limited, Shri Prince Dhawan served in key positions in the Government of NCT of Delhi. His roles included:

• Managing Director of Delhi Transport Corporation (DTC)
• Special Commissioner (Transport) for the Government of NCT of Delhi

These positions have likely equipped Dhawan with valuable experience in public administration and infrastructure management, which could prove beneficial in his new role at REC Limited.

Significance of the Appointment

This appointment represents a change in REC Limited's senior management at one level below the Board of Directors. The company, which plays a crucial role in financing and promoting projects in the power sector, is likely looking to leverage Dhawan's expertise in public administration and his understanding of government operations to further its objectives.

REC Limited's decision to bring in an IAS officer with diverse experience and international education reflects the company's commitment to strengthening its leadership team. As the power sector continues to evolve, particularly with the increasing focus on renewable energy and modernization of the grid, Dhawan's appointment could help REC navigate the changing landscape of power sector financing and development in India.

The company's stakeholders will be keenly watching how this new addition to the executive team influences REC's strategies and operations in the coming years.

REC Limited , a Maharatna public sector enterprise specializing in power sector financing, has reported stellar financial results for the first quarter, marking significant growth across key metrics.

Record-Breaking Performance

The company achieved its highest ever quarterly net profit of ₹4,451.00 crore, representing a robust 29% year-on-year growth. This impressive performance was underpinned by record quarterly disbursements of ₹59,508.00 crore, a substantial 36% increase from the previous year.

Strong Financial Indicators

REC's loan book expanded to ₹5.85 lakh crore, reflecting a 10% growth. The company's net interest income saw a healthy rise of 17%, reaching ₹5,247.00 crore. Notably, the net interest margin improved to 3.74% from 3.64% in the previous year, while the yield increased to 10.08%.

Asset Quality Improvement

The company made significant strides in asset quality, resolving one stressed asset (TRN Energy) worth ₹1,504.00 crore. This resolution contributed to a reduction in gross non-performing assets (NPAs) to 1.05% and net NPAs to 0.24%. Management expressed confidence in potentially becoming a net zero NPA company by the end of the financial year.

Sector-wise Sanctions and Disbursements

REC sanctioned over ₹1 lakh crore worth of projects. The distribution sector accounted for 43% of sanctions, while renewable energy projects constituted 20%. The company's focus on the power sector remains strong, with plans to maintain this strategy in the coming quarters.

Capital Adequacy and Dividend

REC maintains a comfortable capital adequacy ratio of 23.98%, well above the required 15%. The Board of Directors approved an interim dividend of ₹4.60 per share, continuing the company's tradition of rewarding shareholders.

Management Outlook

The management has set a target of 12% loan growth for the year, expressing confidence in maintaining net interest margins between 3.5% to 3.75% and spreads between 2.75% to 3%. They anticipate potential provision reversals of ₹700.00-800.00 crore during the year from the resolution of stressed assets.

Recognition for Risk Management

REC became the first Indian public sector NBFC to receive ISO 31000:2018 certification for its risk management practices, underscoring its commitment to maintaining robust financial health and operational excellence.

As REC Limited continues to play a pivotal role in India's power sector financing, its strong quarterly performance sets a positive tone for the fiscal year, reflecting the company's resilience and strategic focus in a dynamic market environment.