Mumbai (01.05.2024): The Board of Directors of REC Limited approved the audited standalone and consolidated financial results for the quarter & year ended March 31, 2024.  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 March 31, 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 March 31, 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 crore as at March 31, 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 March 31, 2023 with Provision Coverage Ratio of 68.45% on NPA assets, as at March 31, 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 March 31 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.