Gurugram, 31thJanuary, 2023:The Board of Directors of REC Limited, today approved the unauditedstandalone and consolidated financial results for the quarter and period ended 31st December 2022.
Operational and Financial Highlights:Q3 FY23 vs Q2 FY23 (Standalone)
Interest Income on Loan Assets: ₹9,660 Crore vs. ₹ 9,534 Crore, up 1%
Net Profit: ₹2,878 Crore vs. ₹2,728 Crore, up 5%
Owing to the improving asset quality and resolution of stressed assets, REC recorded its highestever quarterly profit of ₹2,878 Crore. As a result, the Earnings Per Share for the quarter ended 31stDecember 2022 stands at ₹43.72 per share as against ₹41.44 per share on 30thSeptember 2022.
Aided by growth in profits, the Net Worth has grown to ₹54,840 Crore as on 31stDecember 2022, anincrease of 3% QoQ.
The loan book has maintained its growth trajectory and has risen by 4% to ₹4.11 lakh Crore asat 31stDecember 2022. Signifying the improving asset quality, the Net Credit-impaired assets havereduced to 1.12% with Provision Coverage Ratio of 69.11% on NPA assets, as on 31stDecember 2022.
The Capital Adequacy Ratio of the Company stands at a comfortable 25.00% as on 31stDecember 2022,implying ample opportunity to support future growth of business operations.
Continuing the tradition of rewarding its shareholders, the Board of Directors of the Company havedeclared the 2ndinterim dividend of ₹3.25 per equity share and 9thFebruary 2023 has been fixedas Record Date for payment of Interim Dividend. With this, the total Interim Dividend for the financialyear 2022-23 is ₹8.25 per equity share (on face value of ₹ 10/- each).
