REC records its quarterly profit at ₹ 2,447 cr

The Board of Directors of REC Limited 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  June 30, 2022. With sound asset resolution and strong project monitoring, the Net Credit-impaired assets have reduced to 1.41% as on June 30, 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.