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REC records its highest ever quarterly & yearly profit

By IndianMandarins- 17 May 2023
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New Delhi (17.05.2023): The Board of Directors of REC Limited on Wednesday approved the audited standalone and consolidated financial results for the quarter and year ended 31st March 2023.

The improving asset quality and resolution of stressed assets, apparently resulted into REC’s performance and posted the highest ever quarterly and yearly profit at Rs. 3,001 crores and Rs. 11,055 crores respectively.

Further, the Earnings Per Share for the year ended 31.03.2023 stood at Rs. 41.86 per share as against Rs. 38.02 per share as at 31.03.2022.

Aided by growth in profits, the Net Worth grew to Rs. 57,680 crores as on 31.03.2023 31st, an increase of 13% YoY.

REC’s loan book has maintained its growth trajectory and has increased by 13% to ₹ 4.35 lakh crore as against ₹ 3.85 lakh crores as on 31st March 2022.

Signifying improving asset quality, the Net Credit-impaired assets have reduced to 1.01% with Provision Coverage Ratio of 70.64% on NPA assets, as on 31.03.2023.

The Capital Adequacy Ratio of the Company stands at a comfortable 25.78% as on 31.03.2023, implying ample opportunity to support the future growth.

Operational and Financial Highlights –12M FY23 vs 12 FY22 (Standalone)

  • Disbursements: ₹ 96,846 crores vs. ₹ 64,150 crores
  • Interest Income on Loan Assets: ₹ 38,360 crores vs. ₹ 37,811 crores, up 1%
  • Net Profit: ₹ 11,055 crores vs. ₹ 10,046 crores, up 10%

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