New Delhi (28.10.2024): The Board of Directors of REC Limited approved the limited reviewed standalone and consolidated financial results for the half year ended September 30, 2024. Owing to growth in all the verticals, resetting of interest rates on loan assets and effective management of Finance Cost, REC is able to maintain its spreads and NIMs resulting in robust half yearly profit after tax of Rs 7,448 crore. As a result, the Earnings Per Share (EPS) for the period ended September 30, 2024 accelerated to Rs 28.28 (Annualized Rs 56.56) per share as against Rs 25.57 (Annualized Rs 51.14) per share as at September 30, 2023.
The loan book i.e. Asset Under Management (AUM) has maintained its growth trajectory and has increased by 15.2 per cent on sustained basis to Rs 5.46 lakh crore as against Rs 4.74 lakh crore as on September 30, 2023. The net credit-impaired assets as on September 30, 2024 have reduced to 0.88 per cent from 0.96 per cent as on September 30, 2023 with Provision Coverage Ratio of 65.12 per cent on NPA assets, as at September 30, 2024.
Aided by growth in profits, the Net Worth has grown to Rs 72,893 crore as on September 30, 2024, as compared to Rs 63,117 crore as on September 30,2023 registering an increase of 15% YoY.
Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 25.31 per cent as at September 30, 2024. Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the 2nd interim dividend of Rs 4.00 per equity share (on face value of Rs 10/- each).
