REC posts highest ever quarterly & yearly profit of `3,001 cr & `11,055 cr

The Board of Directors of REC Limited on Wednesday approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2023.

Owing to the improving asset quality and resolution of stressed assets, REC is able to record highest ever quarterly and yearly profit at Rs 3,001 crore and 11,055 crore respectively.

As a result, the 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 March 31, 2022.

Aided by growth in profits, the Net Worth has grown to Rs 57,680 crore as on March 31, 2023, an increase of 13 per cent 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 March 31, 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 NPAs, as on March 31, 2023.

The Capital Adequacy Ratio of the Company stands at a comfortable 25.78 per cent as on March 31, 2023, implying ample opportunity to support the future growth.