The Board of Directors of REC Limited have consolidated financial results for the quarter & period ended 31st December 2023. According the report the Maharatna company formerly knowns Rural Electrification Corporation Limited recorded net profit of ₹ 10,003 crores in last nine months.
It is the result of improving asset quality, increase in lending rates and effective management of Financing Cost. The annualised Earnings Per Share (EPS) for the period ended 31st December 2023 accelerated to ₹ 50.65 per share as against ₹ 40.79 per share as at 31st December 2022.Aided by growth in profits, the Net Worth has grown to ₹ 64,787 crores as on 31st December 2023, an increase of 18% YoY.
Let it be noted REC is a ‘Maharatna’ Central Public Sector Enterprise under the Ministry of Power, and is registered with RBI as Non-Banking Finance Company (NBFC), and Infrastructure Financing Company (IFC). It is also financing the entire Power-Infrastructure sector comprising Generation, Transmission, Distribution, Renewable Energy and new technologies like Electric Vehicles, Battery Storage, Pumped Storage projects, Green Hydrogen and Green Ammonia projects.
