REC Limited’s Board of Directors has approved the audited standalone and consolidated financial results for the quarter and year ended on March 31, 2023. Thanks to improved asset quality and resolution of stressed assets, REC achieved its highest-ever quarterly and yearly profit at ₹3,001 crores and ₹11,055 crores, respectively.
This positive performance resulted in an increase in Earnings Per Share (EPS) for the year ended March 31, 2023, reaching ₹41.86 per share compared to ₹38.02 per share as of March 31, 2022. With the growth in profits, the Net Worth of the company reached ₹57,680 crores as of March 31, 2023, reflecting a 13% year-on-year (YoY) increase.
REC’s loan book continued its growth trend, reaching ₹4.35 lakh crore, a 13% increase compared to March 31, 2022, which demonstrates the company’s sustained progress. Moreover, indicating an improvement in asset quality, the Net Credit-impaired assets reduced to 1.01%, accompanied by a Provision Coverage Ratio of 70.64% on Non-Performing Assets (NPA) assets as of March 31, 2023.
The company maintains a comfortable Capital Adequacy Ratio of 25.78% as of March 31, 2023, providing ample support for future growth opportunities.
Operational and Financial Highlights for the 12-month period ending March 2023, compared to the previous year (Standalone):
- Disbursements: ₹96,846 crores vs. ₹64,150 crores
- Interest Income on Loan Assets: ₹38,360 crores vs. ₹37,811 crores, up 1%
- Net Profit: ₹11,055 crores vs. ₹10,046 crores, up 10%