05/17/2023 | Press release | Distributed by Public on 05/17/2023 07:26
Owing to the improving asset quality and resolution of stressed assets, REC recorded highest ever quarterly and yearly profit at ₹ 3,001 crores and 11,055 crores respectively.
The Board of Directors of REC Limited approved the audited standalone and consolidated financial results for the quarter and year ended 31st March 2023 in its meeting at Mumbai today.
As a result, the EPS (Earnings Per Share) for the year ended 31st March 2023 stands at ₹ 41.86 per share as against ₹ 38.02 per share as at 31st March 2022.
Aided by growth in profits, the Net Worth has grown to ₹ 57,680 crores as on 31st March 2023, an increase of 13% YoY. The 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 31st March 2023. The Capital Adequacy Ratio of the Company stands at a comfortable 25.78% as on 31st March 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%
About REC Limited: REC Limited is an NBFC focusing on Power Sector Financing and Development across India. Established in 1969, REC Limited has completed over fifty years in the area of its operations. It provides financial assistance to complete power sector value chain; for various types of projects including Generation, Transmission, Distribution and Renewable Energy.REC's funding illuminates every fourth bulb in India.