REC records its highest ever Quarterly Profit of ₹2,878 Crore in Q3FY23
Dated Jan 30 2023
The Board of Directors of REC Limited, today approved the unaudited standalone 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 highest ever quarterly profit of ₹2,878 Crore. As a result, the Earnings Per Share for the quarter ended 31st December 2022 stands at ₹43.72 per share as against ₹41.44 per share on 30th September 2022.
Aided by growth in profits, the Net Worth has grown to ₹54,840 Crore as on 31st December 2022, an increase of 3% QoQ.
The loan book has maintained its growth trajectory and has risen by 4% to ₹4.11 lakh Crore as at 31st December 2022. Signifying the improving asset quality, the Net Credit-impaired assets have reduced to 1.12% with Provision Coverage Ratio of 69.11% on NPA assets, as on 31st December 2022.
The Capital Adequacy Ratio of the Company stands at a comfortable 25.00% as on 31st December 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 have declared the 2nd interim dividend of ₹3.25 per equity share and 9th February 2023 has been fixed as Record Date for payment of Interim Dividend. With this, the total Interim Dividend for the financial year 2022-23 is ₹8.25 per equity share (on face value of ₹ 10/- each).