https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

REC Reports Highest Quarterly And Annual Profits Ever

On Wednesday, the REC Limited Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2023.
Indian Masterminds Stories

One of the top financiers of power projects in the country, REC Ltd, has reported its highest-ever quarterly profit of Rs 3,001 crore during January-March period of FY23 recording 31 percent year-on-year jump.

REC Limited’s Board of Directors approved the audited standalone and consolidated financial results for the quarter and year ended March 31, 2023, on Wednesday. Because of better asset quality and the resolution of stressed assets, REC has achieved its greatest quarterly and yearly profits of 3,001 crores and 11,055 crores, respectively.

As a result, earnings per share for the fiscal year ended March 31, 2023, are 41.86, up from 38.02 per share on March 31, 2022. Profit growth has contributed to a 13% increase in its net worth to 57,680 crores as of March 31, 2023.

The loan book has maintained its growth trajectory, increasing by 13% to 4.35 lakh crores from 3.85 lakh crores on March 31, 2022. As of March 31, 2023, the Net Credit-impaired assets had decreased to 1.01%, with a Provision Coverage Ratio of 70.64% on NPA assets.

The Company’s Capital Adequacy Ratio is a comfortable 25.78% as of March 31, 2023, signalling a considerable opportunity to sustain future expansion.

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%


Indian Masterminds Stories
Related Stories
NEWS
RailTel Corporation of India Limited 2
RailTel and Prasar Bharati Introduce WAVES, Offering Archives, Live TV, and Hyperlocal Services
Powergrid (resized)
Power Grid Joins Hands with Haryana Government to Upgrade Rural Crematoriums
NLC-INDIA-resized-neyvili
NLC India Donates 1 Crore to Kerala Disaster Mitigation Fund
NLC-INDIA-resized-neyvili
Five Companies Secure Coal Mines in Tenth Round of Commercial Auction
psuwatch_2024-11-21_23wnyu82_Bharat-Earth-Movers-Limited-Cover-Image
IPS Dr. Sajid Farid Shapoo Joins as Chief Vigilance Officer of BEML
Prasar Bharati OTT App
Prasar Bharati Launches OTT Platform 'WAVES' at 55th IFFI to Showcase Indian Culture with Global Appeal
Viksit Bharat
India Launches Viksit Bharat Young Leaders Dialogue to Empower Youth Leadership
psuwatch_import_wp-content_uploads_2022_12_Shreya-Bhardwaj-IOFS
IAS Sanjay Kumar Takes Additional Charge as Secretary of Higher Education
Videos
WhatsApp Image 2024-11-20 at 18.06
Hyderabad's Transformation From The City of Pearls to Cyberabad
IMG-20241118-WA0002
The Journey Behind Kathakar Ki Diary | Video Interview 
GP Singh
They Aren’t Criminals, But IPS Officers, Standing Up To Political Pressure
ADVERTISEMENT
Latest
WhatsApp Image 2024-11-22 at 15.36
Dhudmaras: The Hidden Gem of Bastar That’s Turning Heads Globally
WhatsApp Image 2024-11-22 at 13.02
CARTOON OF THE WEEK
ADVERTISEMENT
Videos
WhatsApp Image 2024-11-20 at 18.06
IMG-20241118-WA0002
GP Singh
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT