REC Records its Quarterly profit ₹ 2,447 crores vs. ₹ 2,247 crores, up 9%

Sarkaritel
By Sarkaritel August 4, 2022 18:53

REC Records its Quarterly profit ₹ 2,447 crores vs. ₹ 2,247 crores, up 9%

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New Delhi, 4th August, 2022: The Board of Directors of REC Limited, today approved the unaudited standalone and consolidated financial results for Q1 FY23.

Operational and Financial Highlights –Q1 FY23 vs Q1 FY22 (Standalone)

Net Interest Income: ₹ 3,880 crores vs. ₹ 3,777 crores, up 3%

Net Profit: ₹ 2,447 crores vs. ₹ 2,247 crores, up 9%

Owing to the stable income, effective cost management and resultant quarterly profit, the Earnings Per Share for the quarter ended 30th June 2022 increased to ₹ 49.57 as against ₹ 45.50 per as at 30th June 2021. Aided by growth in profits, the Net Worth has grown to ₹ 52,600 crores as on 30th June 2022, an increase of 15% YoY.With revival of economy and impetus of the Government, REC has been able to sanction new projects worth Rs. 59,895 crores in Q1FY23. With a healthy disbursement of Rs. 12,442 crores during Q1FY23, REC’s loan book has increased to ₹ 3.88 lakh crore as at 30th June 2022. With sound asset resolution and strong project monitoring, the Net Credit-impaired assets have reduced to 1.41% as on 30th June 2022, with Provision Coverage Ratio of 68.08%.

With strong order book and Capital Adequacy of 24.78% as at 30th June 2022, REC has sufficient cushion and ample opportunities to support the future growth.

Sarkaritel
By Sarkaritel August 4, 2022 18:53