REC registers highest ever quarterly profit at Rs 3,773 crore in Q2FY24

State-owned power sector financing company REC Ltd posted its highest ever quarterly profit at Rs 3,773 crore during the second quarter of the financial year 2023-24. The profit was up 28 per cent over corresponding period in financial year 2022-23. 

The company in a public statement said the increase in profit was owing to the “improving asset quality, increase in lending rates and effective management of finance cost”. 
 

“As a result, the annualised earnings per share for the quarter ended September 30, 2023 accelerated to ₹51.14 per share as against ₹39.32 per share as at September 30, 2022,” it said. The company also said its net worth has also grown by 18 per cent to Rs 63,117 crore. During the Q2FY24, REC’s loan book grew by 20 per cent to Rs 4.74 trillion as against Rs 3.94 trillion as on September 30, 2022. 
 

The Board of Directors of the company has declared the second interim dividend of Rs 3.50 per equity share (on face value of Rs 10 each) and November 13, 2023 has been fixed as record date for payment of second interim dividend. The total interim dividend for the FY24 is Rs 6.50 per equity share (on face value of Rs 10 each), the company said. 
 

"Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 28.53% as on 30th September 2023," said the statement by REC.