NEW DELHI: The Board of Directors of REC Limited, a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, today approved the audited standalone and consolidated financial results for the quarter and year ended 31st March, 2024.

Owing to the improving asset quality and effective resolution of stressed assets, and resetting of the lending rates and effective management of finance cost, REC has been able to record its highest ever annual profit after tax of ₹ 14,019 crores. As a result, the Earnings Per Share (EPS) for the year ended 31st March 2024 accelerated by 27% to ₹ 53.11 per share as against ₹ 41.85 per share as at 31st March 2023.

Aided by growth in profits, the Net Worth has grown to ₹ 68,783 crores as on 31st March 2024, registering an increase of 19% YoY.

The loan book has maintained its growth trajectory and has increased by 17% to ₹ 5.09 lakh crores as against ₹ 4.35 lakh crores as at 31st March, 2023. Signifying improving asset quality, the net credit-impaired assets as at 31st March, 2024 have reduced to 0.86% from 1.01% as at 31st March 2023 with Provision Coverage Ratio of 68.45% on NPA assets, as at 31st March, 2024.

Indicating the ample opportunity to support the future growth, Capital Adequacy Ratio (CRAR) of the company stands at a comfortable 25.82% as at 31st March, 2024.

Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the final dividend of ₹ 5 per equity share (on face value of ₹ 10/- each) and the total dividend for FY 2023-24 is ₹ 16 per equity share.