{"id":4768,"date":"2024-05-01T06:26:43","date_gmt":"2024-05-01T00:56:43","guid":{"rendered":"https:\/\/matribhumisamachar.com\/en\/?p=4768"},"modified":"2024-05-01T06:26:43","modified_gmt":"2024-05-01T00:56:43","slug":"rec-limited-declares-financial-results-records-highest-ever-annual-net-profit","status":"publish","type":"post","link":"https:\/\/matribhumisamachar.com\/en\/2024\/05\/01\/rec-limited-declares-financial-results-records-highest-ever-annual-net-profit\/","title":{"rendered":"REC Limited declares financial results, records highest ever annual net profit"},"content":{"rendered":"<p style=\"text-align: justify;\">The Board of Directors of\u00a0<a href=\"https:\/\/recindia.nic.in\/\" target=\"_blank\" rel=\"noopener\">REC Limited<\/a>, 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 31<sup>st<\/sup>\u00a0March, 2024.<\/p>\n<p style=\"text-align: justify;\"><strong>Operational and Financial Highlights: Q4 FY24 vs Q4 FY23 (Standalone)<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Revenue from operations: \u20b9 12,613 crores vs. \u20b9 10,113 crores, up 25%<\/li>\n<li value=\"5\">Total income: \u20b9 12,643 crores vs. \u20b9 10,124 crores, up 25%<\/li>\n<li value=\"5\">Net interest income: \u20b9 4,407 crores vs. \u20b9 3,409 crore, up 29%<\/li>\n<li value=\"5\">Net Profit: \u20b9 4,016 crores vs. \u20b9 3,001 crore, up 34%<\/li>\n<li value=\"5\">Total Comprehensive Income: \u20b9 5,183 crores vs. \u20b9 3,645 crores, up 42%<\/li>\n<li value=\"5\">Yield: 10.03% vs. 9.65%, up 38 basis points<\/li>\n<li value=\"5\">Average cost of funds: 7.14% vs. 7.17%, reduction by 3 basis points<\/li>\n<li value=\"5\">Spread: 2.89% vs. 2.48%, up 41 basis points<\/li>\n<li value=\"5\">Net interest margin: 3.60% vs. 3.29%, up 31 basis points<\/li>\n<li value=\"5\">Return on net worth: 24.06% vs. 21.34%, up 13%<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">\n<p style=\"text-align: justify;\"><strong>Operational and Financial Highlights: 12M FY24 vs 12M FY23 (Standalone)<\/strong><\/p>\n<ul style=\"text-align: justify;\">\n<li>Total sanctions: \u20b9 3,58,816 crores vs. \u20b9 2,68,461 crores, up 34%, of which sanctions to renewable sector: \u20b9 1,36,516 crores vs. \u20b9 21,554 crores, up 533%<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Renewable sanctions comprise:<\/p>\n<ol style=\"text-align: justify;\" start=\"5\">\n<li>\n<ul>\n<li>Solar: \u20b9 20,956 crores vs. \u20b9 9,301 crores<\/li>\n<li>Module manufacturing: \u20b9 21,565 crores vs. \u20b9 Nil crores<\/li>\n<li>Large Hydro: \u20b9 32,450 crores vs. \u20b9 682 crores<\/li>\n<li>Pumped Storage: \u20b9 28,304 crores vs. \u20b9 6,075 crores<\/li>\n<li>Green Hydrogen: \u20b9 7,997 crores vs. Nil<\/li>\n<li>E-Mobility: \u20b9 7,214 crores vs. \u20b9 2,429 crores<\/li>\n<li>Wind turbine manufacturing: \u20b9 3,195 crores vs. Nil<\/li>\n<li>Wind: \u20b9 3,453 crores vs. \u20b9 2,436 crores<\/li>\n<li>Hybrid: \u20b9 10,098 crores vs. \u20b9 220 crores<\/li>\n<li>Others: \u20b9 1,284 crores vs. \u20b9 411 crores<\/li>\n<\/ul>\n<\/li>\n<\/ol>\n<ul style=\"text-align: justify;\">\n<li>Disbursements: \u20b9 1,61,462 crores vs. \u20b9 96,846 crores, up 67%<\/li>\n<li value=\"5\">Revenue from operations: \u20b9 47,146 crores vs. \u20b9 39,208 crores, up 20%<\/li>\n<li value=\"5\">Total income: \u20b9 47,214 crores vs. \u20b9 39,253 crores, up 20%<\/li>\n<li value=\"5\">Net interest income: \u20b9 16,167 crores vs. \u20b9 13,714 crores, up 18%<\/li>\n<li value=\"5\">Net Profit: \u20b9 14,019 crores vs. \u20b9 11,055 crores, up 27%<\/li>\n<li value=\"5\">Total Comprehensive Income: \u20b9 15,063 crores vs. \u20b9 10,084 crores, up 49%<\/li>\n<li value=\"5\">Yield: 9.99% vs. 9.73%, up 26 basis points<\/li>\n<li value=\"5\">Average cost of funds: 7.13% vs. 7.28%, reduction by 15 basis points<\/li>\n<li value=\"5\">Spread: 2.86% vs. 2.45%, up 41 basis points<\/li>\n<li value=\"5\">Net interest margin: 3.57% vs. 3.38%, up 19 basis points<\/li>\n<li value=\"5\">Return on net worth: 22.17% vs. 20.35%, up 9%<\/li>\n<li value=\"5\">Market capitalization: \u20b9 1,18,757 crore vs. \u20b9 30,400, up 290%<\/li>\n<\/ul>\n<p style=\"text-align: justify;\">Owing to the improving asset quality and effective resolution of stressed assets, and resetting of the lending rates and effective management of finance cost, REC has been able to record its highest ever annual profit after tax of \u20b9 14,019 crores. As a result, the Earnings Per Share (EPS) for the year ended 31<sup>st<\/sup>\u00a0March 2024 accelerated by 27% to \u20b9 53.11 per share as against \u20b9 41.85 per share as at 31<sup>st<\/sup>\u00a0March 2023.<\/p>\n<p style=\"text-align: justify;\">Aided by growth in profits, the Net Worth has grown to \u20b9 68,783 crores as on 31<sup>st<\/sup>\u00a0March 2024, registering an increase of 19% YoY.<\/p>\n<p style=\"text-align: justify;\">The loan book has maintained its growth trajectory and has increased by 17% to \u20b9 5.09 lakh crores as against \u20b9 4.35 lakh crores as at 31<sup>st<\/sup>\u00a0March, 2023. Signifying improving asset quality, the net credit-impaired assets as at 31<sup>st<\/sup>\u00a0March, 2024 have reduced to 0.86% from 1.01% as at 31<sup>st<\/sup>\u00a0March 2023 with Provision Coverage Ratio of 68.45% on NPA assets, as at 31<sup>st<\/sup>\u00a0March, 2024.<\/p>\n<p style=\"text-align: justify;\">Indicating the ample opportunity to support the future growth, Capital Adequacy Ratio (CRAR) of the company stands at a comfortable 25.82% as at 31<sup>st<\/sup>\u00a0March, 2024.<\/p>\n<p style=\"text-align: justify;\">Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the final dividend of \u20b9 5 per equity share (on face value of \u20b9 10\/- each) and the total dividend for FY 2023-24 is \u20b9 16 per equity share.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Board of Directors of\u00a0REC 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\u00a0March, 2024. Operational and Financial Highlights: Q4 FY24 vs Q4 FY23 (Standalone) Revenue from operations: \u20b9 12,613 crores vs. \u20b9 &hellip;<\/p>\n","protected":false},"author":1,"featured_media":4841,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[136],"tags":[1260],"class_list":["post-4768","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-national","tag-rec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>REC Limited declares financial results, records highest ever annual net profit - Matribhumi Samachar English<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/matribhumisamachar.com\/en\/2024\/05\/01\/rec-limited-declares-financial-results-records-highest-ever-annual-net-profit\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"REC Limited declares financial results, records highest ever annual net profit - Matribhumi Samachar English\" \/>\n<meta property=\"og:description\" content=\"The Board of Directors of\u00a0REC 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\u00a0March, 2024. 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