New Delhi [India], July 28 (ANI): The Ministry of Power-owned REC Limited has posted a net profit of Rs 3,442 crore, an increase of 16 per cent in the first quarter of the financial year 2025 from the same period last year. Last year, the company posted Rs 2,961 crore in the first quarter of FY2024.
REC is a ‘Maharatna’ company under the administrative control of the Ministry of Power, Government of India, and is registered with RBI as a Non-Banking Finance Company (NBFC), Public Financial Institution (PFI) and Infrastructure Financing Company (IFC).
According to the financial statement of the company, revenue from operations grew by 19 per cent to Rs 13,023 crore, while total income rose to Rs 13,037 crore, marking a 19 per cent increase.
Net interest income saw a growth of 30 per cent, reaching Rs 4,713 crore. The company’s return on net worth was 19.51 per cent, and market capitalisation saw a remarkable 219 per cent increase, reaching Rs 1,38,348 crore.
The Board of Directors declared an interim dividend of Rs 3.50 per equity share, with a face value of Rs 10 each.
Emphasising the performance, the company said, “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’s total sanctions increased during this period by 24 per cent YoY to Rs 1,12,791 crore, with a notable 59 per cent rise in sanctions to the renewable sector, reaching Rs 39,655 crore.
Disbursements also saw a major increase of 28 per cent, amounting to Rs 43,652 crore, with disbursements to renewables constituting a major component, showing a YoY increase of 249 per cent.
The loan book maintained its growth trajectory, increasing by 17 per cent to Rs 5.30 lakh crore as of 30th June 2024, compared to Rs 4.54 lakh crore a year ago, as per the financial statement.
The company’s net worth grew by 19 per cent year-on-year to Rs 72,351 crore as of 30th June 2024, and the Capital Adequacy Ratio (CRAR) stood at a comfortable 26.77 per cent.
The stocks of the company were trading at Rs 623.55, up 2.56 per cent or 15.55 points. In the last six months REC Limited has given a return of 24.78 per cent to the stockholders. (ANI)
Disclaimer: This story is auto-generated from a syndicated feed of ANI; only the image & headline may have been reworked by News Services Division of World News Network Inc Ltd and Palghar News and Pune News and World News
HINDI, MARATHI, GUJARATI, TAMIL, TELUGU, BENGALI, KANNADA, ORIYA, PUNJABI, URDU, MALAYALAM
For more details and packages
