Gurugram: REC Ltd., a state-owned Maharatna company, reported a 7% increase in consolidated net profit to Rs 4,037.72 crore for the September 2024 quarter, mostly due to greater income.
Its consolidated net profit for the quarter ended September 2023 was Rs 3,789.90 crore, according to a BSE filing. The overall income increased to Rs 13,706.31 crore in the current quarter from Rs 11,684.89 crore in the previous year.
The board also approved a second interim dividend of Rs 4 per equity share of Rs 10 for 2024-25. November 18 is the record date for the interim dividend. The interim dividend will be payable on or before November 22, 2024.
In a separate statement, the company stated: “Owing to growth in all the verticals, resetting of interest rates on loan assets, and effective management of finance costs, REC is able to maintain its spreads and NIMs (net interest margin), resulting in an H1 PAT of Rs 7,448 crore.” .
Earnings per share (EPS) for the fiscal year ending September 30, 2024 increased to Rs 28.28 per share (annualized Rs 56.56), up from Rs 25.57 per share (annualized Rs 51.14) in September 2023. Its net worth increased to Rs 72,893 crore as of September 30, 2024, from Rs 63,117 crore as of September 30, 2023, representing a 15% growth year on year.
The loan book has maintained its growth trajectory and increased by 15.2 per cent to Rs 5.46 lakh crore from Rs 4.74 lakh crore as of September 30, 2023.
The loan book has maintained its growth trajectory, rising 15.2 percent to Rs 5.46 lakh crore from Rs 4.74 lakh crore as of September 30, 2023.
Net credit-impaired assets fell to 0.88 percent from 0.96 percent a year ago, with a provision coverage ratio of 65.12 percent on non-performing assets as of September 30, 2024.
Its capital adequacy ratio (CRAR) is 25.31%, indicating sufficient scope for future growth.
During the quarter, loans totaled Rs 47,303 crore, with Rs 5,946 crore going to the renewable energy sector.
The total disbursement was 14% more than Rs 41,598 crore in the September quarter of FY24.
