Sh. Vivek Kumar Dewangan, CMD, REC Limited, announced REC’s financial results for the third quarter of the current financial year at a Press Conference convened by the company in NewDelhi . REC has sustained its exceptional growth, charting the highest ever nine-month profit of ?10,003 crore in third quarter of this Financial Year.
During the conference, Sh. Dewangan also announced that following the Hon’ble Prime Minister’s launch of the Pradhan Mantri Suryoday Scheme yesterday, the Ministry of New and Renewable Energy has designated REC as the overall programme implementation agency for adoption and installation of roof-top solar panels in the country. Under the scheme, 1 crore households are targetted to be covered in a period of one year.
During the release of REC’s financial results today, Sh. Ajoy Choudhury, Director (Finance), REC Ltd., made a detailed presentation on the company’s performance in Quarter 3 for the financial year 2023-24.
Sh. Choudhury highlighted that REC’s loan book has maintained its growth trajectory and has increased by 21% to Rs 4.97 lakh crore as against ?4.11 lakh crore as of December 31, 2022. He also underlined REC’s recent achievement of becoming the first Indian PSU to have issued Japanese Yenbonds.
REC Ltd on Tuesday reported a 13.6 per cent year-on-year increase in net profit to Rs 3,269.3 crore for the October-December quarter of the current financial tear.
The company had posted a net profit of Rs 2,878 crore in the same quarter last year.
REC also reported a net interest income (NII) of Rs 4,159 crore for the third quarter of 2023-24 which is 18 per cent higher than the corresponding figure of Rs 3,525 crore in the same quarter in the previous year.
The finance corporation’s asset quality also improved during the quarter with gross non-performing assets (NPAs) declining to 2.78 per cent of total loans, from 3.14 per cent in the preceding quarter.
The net NPA also improved to 0.82 per cent from 0.96 per cent in the June-September quarter.
