REC Limited, which is one of the leading non-banking financial companies (NBFC) in the energy sector, reported a standalone fourth-quarter net profit growth of 34% to ₹4,016 crore from the year-earlier period, driven by a 29% increase in net interest income to ₹4,407 crore.
Revenue from operations for the quarter ended March 31, 2024, surged 25% to ₹12,613 crore from the year-earlier period. Total income grew 25% to ₹ 12,643 crore.
For the financial year (FY24), the company recorded a net profit of ₹14,019 crore, marking a 27% increase from the previous year. Net interest income saw an 18% rise to ₹16,167 crore. Additionally, revenue from operations grew to ₹47,146 crore, reflecting a 20% increase, while total income also increased by 20% to ₹47,214 crore compared to the previous year.
The board declared a final dividend of ₹5 per equity share (on face value of ₹10 each), making the total dividend for FY24 ₹16 per equity share.
During the full year, the company sanctioned a total of ₹3,58,816 crore, up 34%, with sanctions to the renewable sector amounting to ₹1,36,516 crore, a significant increase of 533%. Disbursements reached ₹1,61,462 crore, representing a 67% increase from the previous year.
“Owing to 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,” the company said. As a result, the Earnings Per Share (EPS) for the year ended March 31, 2024 accelerated by 27% to ₹53.11 per share as against ₹ 41.85 per share as on March 31, 2023, it added.
