REC declares financial results for Q3 and 9M FY 22

The Board of Directors of REC Limited approved the unaudited standalone and consolidated financial results for Q3 FY22 today. Financial Highlights – Q3 FY22 vs Q3 FY21 (Standalone); Total Income – Rs 10,039 crores vs. Rs 9,047 crores, up 11%; Net Profit – Rs 2,773 crores vs. Rs 2,263 crores, up 23%. Owing to the sound income, effective cost management and resultant quarterly profit, the annualized Earnings Per Share for the quarter ended 31st December 2021 increased to Rs 56.16 as against Rs 45.84 per share during the same quarter last year. Aided by growth in profits, the Net Worth has grown to        Rs 50,258 crores as on 31st December 2021, an increase of 20% YoY. The loan book has maintained its growth trajectory and has increased by 9% to Rs 3.89 lakh crore as at 31st December 2021 as compared to Rs 3.57 lakh crores as on 31st December 2020. The Provision Coverage Ratio against Credit impaired assets stands at 65.72% as on 31st December 2021. The Capital Adequacy Ratio of the Company stands at a comfortable 23.22% as on 31st December 2021, implying ample opportunity to support the future growth. Continuing with the tradition to reward its shareholders, in addition to the interim dividend already paid of Rs 4.50 per equity shares, the Board of Directors of the Company has declared third interim dividend of Rs 6/- per equity share and 16th February 2022 has been fixed as record date.