REC net profit grows 33 pc to Rs 3,065.37 cr in Jan-Mar qtr

State-owned REC Ltd on Wednesday posted a 33 per cent rise in its consolidated net profit to Rs 3,065.37 crore for the January-March quarter of FY 2022-23 on account of higher income.The company had clocked a net profit of Rs 2,301.33 crore during the January-March quarter of FY 2021-22, REC said in a regulatory filing. The companys total income during the fourth quarter rose to Rs 10,254.63 crore from Rs 9,655.99 crore in the year-ago period.

State-owned REC Ltd on Wednesday posted a 33 per cent rise in its consolidated net profit to Rs 3,065.37 crore for the January-March quarter of FY 2022-23 on account of higher income.

The company had clocked a net profit of Rs 2,301.33 crore during the January-March quarter of FY 2021-22, REC said in a regulatory filing. The company's total income during the fourth quarter rose to Rs 10,254.63 crore from Rs 9,655.99 crore in the year-ago period. Total expenses declined to Rs 6,353.40 crore as against Rs 6,798.68 crore.

For the entire FY23, the net profit was at Rs 11,166.98 crore, up from Rs 10,035.70 crore in FY22.

The income also rose to Rs 39,520.16 crore from Rs 39,339.20 crore a year earlier.

The company also approved a proposal to incorporate project-specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC's arm REC Power Development and Consultancy Limited (RECPDCL) for four interstate transmission projects which are to be implemented through tariff-based competitive bidding mode.

The board also approved the appointment of Hemant Kumar as Chief Compliance Officer of REC Ltd for a period of three years with effect from May 6, 2023. In a statement, the company said it has recorded the highest ever quarterly and yearly profit at Rs 3,001 crore and Rs 11,055 crore, respectively (on a standalone basis).

During the FY23, the net worth has grown to Rs 57,680 crore registering a 13 per cent year-on-year rise.

''The earnings per share for the fiscal stands at Rs 41.86 per share as against Rs 38.02 per share as of March 31, 2022,'' it said.

The loan book has increased by 13 per cent to Rs 4.35 lakh crore as against Rs 3.85 lakh crore in FY22.

REC Ltd, under the Ministry of Power, is a non-banking finance company focusing on power sector financing and development across India.