REC approves unaudited standalone and consolidated financial results

Aided by growth in profits, the Net Worth has grown to ₹ 64,787 crores as on 31st December 2023, an increase of 18% YoY.

The Board of Directors of REC Limited today approved the unaudited standalone and consolidated financial results for the quarter & period ended 31^st December 2023.

Operational and Financial Highlights: Q3 FY24 vs Q3 FY23 (Standalone)

Loan Sanctions: ₹ 1,32,049 crores vs. ₹ 47,712 crores, up 177%, Renewable sector constitutes 57%

Disbursements: ₹ 46,358 crores vs. ₹ 29,639 crores, up 56%

Interest Income on Loan Assets: ₹ 11,812 crores vs. ₹ 9,660 crores, up 22%

Net Profit: ₹ 3,269 crores vs. ₹ 2,878 crores, up 14%

Operational and Financial Highlights: 9M FY24 vs 9M FY23 (Standalone)

Loan Sanctions: ₹ 3,25,941 crores vs. ₹ 1,92,496 crores, up 69%, Renewable sector constitutes 39%

Disbursements: ₹ 1,22,089 crores vs. ₹ 59,907 crores, up 104%

Interest Income on Loan Assets: ₹ 33,490 crores vs. ₹ 28,456 crores, up 18%

Net Profit: ₹ 10,003 crores vs. ₹ 8,054 crores, up 24%

Owing to the improving asset quality, increase in lending rates and effective management of Financing Cost, REC is able to record its highest ever 9M profit of ₹ 10,003 crores. As a result, the annualised Earnings Per Share (EPS) for the period ended 31^st December 2023 accelerated to ₹ 50.65 per share as against ₹ 40.79 per share as at 31^st December 2022.

Aided by growth in profits, the Net Worth has grown to ₹ 64,787 crores as on 31^st December 2023, an increase of 18% YoY.

The loan book has maintained its growth trajectory and has increased by 21% to ₹ 4.97 lakh crore as against ₹ 4.11 lakh crores as at 31^st December 2022. Signifying improving asset quality, the Net Credit-impaired assets have reduced to 0.82% from 1.12% as at 31^st December 2022 with Provision Coverage Ratio of 70.41% on NPA assets, as at 31^st December 2023.

Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 28.21% as on 31^st December 2023.

(With Inputs from PIB)