REC RECORDS ITS HIGHEST EVER FIRST QUARTER PROFIT AT ₹ 2,961 CRORES

New Delhi :   REC Board of Directors  today approved the unaudited standalone and consolidated financial results for the quarter ended 30th June 2023.
Operational and Financial Highlights –Q1 FY24 vs Q1 FY23 (Standalone)➢ Sanctions: ₹ 90,797 crores vs. ₹ 59,895 crores, up 52%, Renewable sector constitutes for 16%
➢ Disbursements: ₹ 34,133 crores vs. ₹ 12,442 crores, up 174%➢ Interest Income on Loan Assets: ₹ 10,465 crores vs. ₹ 9,262 crores, up 13%➢ Net Profit: ₹ 2,961 crores vs. ₹ 2,447 crores, up 21%Owing to the improving asset quality and effective cost management, REC is able to record its quarterly profit at ₹2,961 crores. As a result, the annualised Earnings Per Share for the quarter ended 30th June 2023 stands at ₹ 44.96per share as against ₹ 37.16 per share as at 30th June 2022.Aided by growth in profits, the Net Worth has grown to ₹ 60,886 crores as on 30th June 2023, an increase of 16% YoY.
During Q1 FY24, Company has raised USD 750 million 5-year 144A/ Reg-S Green Bonds under its Global MediumTerm Note Programme. These bonds are exclusively listed on IFSC International Stock Exchanges, India INX and NSE IFSC in GIFT City, Gujarat The loan book has maintained its growth trajectory and has increased by 17% to ₹ 4.54 lakh crore as against ₹ 3.88
lakh crores as at 30th June 2022. Signifying improving asset quality, the Net Credit-impaired assets have reduced to 0.97% with Provision Coverage Ratio of 70.46% on NPA assets, as on 30th June 2023.
Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 27.60% as on 30th June 2023.Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the first interim dividend of ₹ 3/- per equity share (on face value of ₹ 10/- each) and 14th August 2023 has been fixed as Record Date for payment of Interim Dividend.