REC Limited declares financial results, records highest ever annual net profit

Aided by growth in profits, the Net Worth has grown to Rs 68,783 crores as of 31st March 2024, registering an increase of 19% YoY.

REC Limited declares financial results, records highest ever annual net profit

The Board of Directors of REC Limited, a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, today approved the audited standalone and consolidated financial results for the quarter and year ended 31st March 2024.

Operational and Financial Highlights: Q4 FY24 vs Q4 FY23 (Standalone)

  • Revenue from operations: Rs 12,613 crores vs. Rs 10,113 crores, up 25%
  • Total income: Rs 12,643 crores vs. Rs 10,124 crores, up 25%
  • Net interest income: Rs 4,407 crores vs. Rs 3,409 crore, up 29%
  • Net Profit: Rs 4,016 crores vs. Rs 3,001 crore, up 34%
  • Total Comprehensive Income: Rs 5,183 crores vs. Rs 3,645 crores, up 4%

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Operational and Financial Highlights for the whole FY24 vs  FY23 (Standalone)

  • Total sanctions: Rs 3,58,816 crores vs. Rs 2,68,461 crores, up 34%, of which sanctions to the renewable sector: Rs 1,36,516 crores vs. Rs 21,554 crores, up 533% 
  • Disbursements: Rs 1,61,462 crores vs. Rs 96,846 crores, up 67%
  • Revenue from operations: Rs 47,146 crores vs. Rs 39,208 crores, up 20%
  • Total income: Rs 47,214 crores vs. Rs 39,253 crores, up 20%
  • Net interest income: Rs 16,167 crores vs. Rs 13,714 crores, up 18%
  • Net Profit: Rs 14,019 crores vs. Rs 11,055 crores, up 27%

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The Market capitalization touches Rs 1,18,757 crore vs. Rs 30,400 crore, up 290% in FY23.

Owing to the improving asset quality and effective resolution of stressed assets, resetting of the lending rates, and effective management of finance costs, REC has been able to record its highest-ever annual profit after tax of Rs 14,019 crores. As a result, the Earnings Per Share (EPS) for the year ended 31st March 2024 accelerated by 27% to Rs 53.11 per share as against Rs 41.85 per share as of 31st March 2023.

Aided by growth in profits, the Net Worth has grown to Rs 68,783 crores as of 31st March 2024, registering an increase of 19% YoY.

Indicating the ample opportunity to support future growth, the Capital Adequacy Ratio (CRAR) of the company stands at a comfortable 25.82% as of 31st March 2024.  The Board of Directors of the Company has declared the final dividend of Rs 5 per equity share (on face value of Rs 10/- each) and the total dividend for FY 2023-24 is Rs 16 per equity share.

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