New Delhi: The Board of Directors of REC Limited, on Wednesday approved the unaudited standalone and consolidated financial results for the quarter ended June 30, 2023.
Owing to the improving asset quality and effective cost management, REC is able to record its quarterly profit at Rs 2,961 crore in Q1FY24 as against Rs 2,447 crore in same period in previous fiscal, an increase of 21 per cent. As a result, the annualised Earnings Per Share for the quarter ended June 30, 2023 stands at Rs 44.96 per share as against Rs 37.16 per share as at June 30, 2022.
REC sanctioned Rs 90,797 crore in Q1FY24 against Rs 59,895 crore in Q1FY23, an increase 52 per cent with renewable sector constituting for 16 per cent of sanctioned amount.
The company disbursed Rs 34,133 crore in Q1FY24 against Rs 12,442 crore in Q1FY23, a rise of 174 per cent. The interest income on loan assets jumped 13 per cent to Rs 10,465 crore in Q1FY24 against Rs 9,262 crore in Q1FY23. Aided by growth in profits, the Net Worth has grown to Rs 60,886 crores as on June 30, 2023, an increase of 16 per cent YoY.
During Q1 FY24, Company has raised $750 million 5-year 144A/ Reg-S Green Bonds under its Global Medium-Term 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 per cent to Rs 4.54 lakh crore as against Rs 3.88 lakh crores as at 30th June 2022. Signifying improving asset quality, the Net Credit-impaired assets have reduced to 0.97 per cent with Provision Coverage Ratio of 70.46 per cent on NPA assets, as on June 30, 2023.
Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 27.60 per cent as on June 30, 2023.
Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the first interim dividend of Rs 3/- per equity share (on face value of Rs 10/- each) and 14th August 2023 has been fixed as Record Date for payment of Interim Dividend.