New Delhi, July 27 (UNI) REC Limited (formerly Rural Electrification Corporation) reported a net profit of ₹3,442 crore, marking a 16% rise compared to ₹2961 crore in the same quarter last year.
There was a notable 33.9% decline from the previous quarter’s net profit of Rs 4,016.3 crore.
Releasing its financial results for the first quarter of FY24, the country’s leading power project financier reported an 18.7 percent jump in total income to Rs 13,037 crore during the first quarter from Rs 10,980 crore in the same period last year.
An official statement said , the company’s Income from interest earned on loan assets rose by 19 per cent year-on-year to Rs 12,500 crore.
Releasing the data, Vivek Kumar Dewangan, Chairman and Managing Director, said the loan book has maintained its growth trajectory and has increased by 17 percent, to 5.30 lakh crore as against Rs 4.54 lakh crore as on 30th June 2023.
“We set the target of double our loan book to 10 lakh crore by 2030” he added.
Over NPA, Vivek Kumar Dewangan, said we are committed to become a net zero non-performing assets company by 2030.
The net credit impaired assets as on June 30th 2024 have reduced to 0.82 percent from 0.97 percent as compared to the same period of last year.
The total loan sanctions stood at Rs 1,12,791 crore making a rise of 24 percent compared to 90,797 crore in the same period of last fiscal.
Out of these sanctions, 39,655 crore was given in renewable sector, which is 54 percent up as compared to previous year of Rs 24,985 crore.
REC’s Board of directors declared an interim dividend of Rs 3.50 per share for the financial year 2024-25.
The record date was set on August 9 and the dividend will be paid to shareholders on or before August 23, the company said in an exchange filing.
REC is a leading infrastructure finance company and provides loans to State Electricity Boards, state power utilities, state power departments and private sector power majors.
