Mumbai, 30th April 2024: The Board of Directors of REC Limited, today approved the audited standalone and consolidated financial results for the quarter & year ended 31st March 2024.
Operational and Financial Highlights: Q4 FY24 vs Q4 FY23 (Standalone)
❖ Revenue from operations: ₹ 12,613 crore vs. ₹ 10,113 crores, up 25%
❖ Total income: ₹ 12,643 crore vs. ₹ 10,124 crores, up 25%
❖ Net interest income: ₹ 4,407 crore vs. ₹ 3,409 crore, up 29%
❖ Net Profit: ₹ 4,016 crore vs. ₹ 3,001 crore, up 34%
❖ Total Comprehensive Income: ₹ 5,183 crore vs. ₹ 3,645 crore, up 42%
❖ Yield: 10.03% vs. 9.65%, up 38 bps
❖ Average cost of funds: 7.14% vs. 7.17%, reduction by 3 bps
❖ Spread: 2.89% vs. 2.48%, up 41 bps
❖ Net interest margin: 3.60% vs. 3.29%, up 31 bps
❖ Return on net worth: 24.06% vs. 21.34%, up 13%
Operational and Financial Highlights: 12M FY24 vs 12M FY23 (Standalone)
❖ Total sanctions: ₹ 3,58,816 crore vs. ₹ 2,68,461 crore, up 34%, of which sanctions to renewable sector: ₹ 1,36,516 crore vs. ₹ 21,554 crore, up 533%
Renewable sanctions comprise of:
⮚ Solar: ₹ 20,956 crore vs. ₹ 9,301 crore
⮚ Module manufacturing: ₹ 21,565 crore vs. ₹ Nil crore
⮚ Large Hydro: ₹ 32,450 crore vs. ₹ 682 crore
⮚ Pumped Storage: ₹ 28,304 crore vs. ₹ 6,075 crore
⮚ Green Hydrogen: ₹ 7,997 crore vs. Nil
⮚ E-Mobility: ₹ 7,214 crore vs. ₹ 2,429 crore
⮚ Wind turbine manufacturing: ₹ 3,195 crore vs. Nil
⮚ Wind: ₹ 3,453 crore vs. ₹ 2,436 crore
⮚ Hybrid: ₹ 10,098 crore vs. ₹ 220 crore
⮚ Others: ₹ 1,284 crore vs. ₹ 411 crore
❖ Disbursements: ₹ 1,61,462 crore vs. ₹ 96,846 crore, up 67%
❖ Revenue from operations: ₹ 47,146 crore vs. ₹ 39,208 crores, up 20%
❖ Total income: ₹ 47,214 crore vs. ₹ 39,253 crores, up 20%
❖ Net interest income: ₹ 16,167 crore vs. ₹ 13,714 crore, up 18%
❖ Net Profit: ₹ 14,019 crore vs. ₹ 11,055 crore, up 27%
❖ Total Comprehensive Income: ₹ 15,063 crore vs. ₹ 10,084 crore, up 49%
❖ Yield: 9.99% vs. 9.73%, up 26 bps
❖ Average cost of funds: 7.13% vs. 7.28%, reduction by 15 bps
❖ Spread: 2.86% vs. 2.45%, up 41 bps
❖ Net interest margin: 3.57% vs. 3.38%, up 19 bps
❖ Return on net worth: 22.17% vs. 20.35%, up 9%
❖ Market capitalization: ₹ 1,18,757 crore vs. ₹ 30,400, up 290%
Owing to the improving asset quality and effective resolution of stressed assets, resetting of the lending rates and effective management of Finance Cost, REC is able to record its the highest ever annual profit after tax of ₹ 14,019 crore. 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 crore 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, the 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.