New Delhi : REC Limited today approved limited reviewed standalone and consolidated financial results for the quarter ended June 30, 2024. Owing to growth in all the verticals, resetting of interest rates on loan assets and effective management of Finance Cost, REC is able to maintain its spreads and NIMs resulting in robust quarterly profit after tax of Rs 3,442 crore.
REC posted a 16.57 per cent rise in consolidated net profit to Rs 3,460.19 crore for the June quarter, mainly on the back of higher revenues. In the year-ago period, its net profit stood at Rs 2,968.05 crore. Total income rose to Rs 13,092.44 crore from Rs 11,108.16 crore in the same period a year ago. Expenses stood at Rs 8,743.22 crore against Rs 7,386.99 crore a year ago.
Operational and Financial Highlights: Q1 FY25 vs Q1 FY 24 (Standalone)
Total sanctions: Rs 1,12,791 crore vs Rs 90,797 crore up 24 per cent of which sanctions to renewable sector: Rs 39,655 crore vs Rs 24,985 crore up 59 per cent.
Disbursement: Rs 43,652 crore vs Rs 34,133 crore, up 28 per cent of which disbursements to renewables constituted major component with YoY increase of 249 per cent
Revenue from Operations: Rs 13,023 crore vs Rs 10,976 crores, up 19 per cent
Total Income: Rs 13,037 crore vs Rs 10,981 crore up 19 per cent.
Net Interest Income: Rs 4,713 crore vs Rs 3,612 crore up 30 per cent
Net Profit: Rs 3,442 crore vs Rs 2,961 crore up 16 per cent
Yield: 9.99 per cent vs 9.82 per cent up 17 bps
Average Cost of Funds: 7.05 per cent vs 7.23 per cent, reduction by 18 bps
Spread: 2.94 per cent vs 2.59 per cent, up 35 bps
Net Interest Margin: 3.64 per cent vs 3.28 per cent up 36 bps
Return on net worth: 19.51 per cent
Market Capitalisation: Rs 1,38,348 crore vs Rs 43,356, up 219 per cent.
