Team News Riveting
New Delhi, May 17
Owing to the improving asset quality and resolution of stressed assets, REC recorded highest ever quarterly and yearly profit at Rs 3,001 crore and Rs 11,055 crore respectively ended March 31, 2023.
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 Rs 41.86 per share as against Rs 38.02 per share as at 31st March 2022.
Aided by growth in profits, the Net Worth has grown to Rs 57,680 crore as on 31st March 2023, an increase of 13 per cent YoY (year-on-year). The loan book has maintained its growth trajectory and has increased by 13 per cent to Rs 4.35 lakh crore as against Rs 3.85 lakh crore as on 31st March 2022.
Signifying improving asset quality, the Net Credit-impaired assets have reduced to 1.01 per cent with Provision Coverage Ratio of 70.64 per cent on NPA assets, as on 31st March 2023. The Capital Adequacy Ratio of the Company stands at a comfortable 25.78 per cent as on 31st March 2023, implying ample opportunity to support the future growth.
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.
