Q3FY23: REC records its highest-ever quarterly profit; declares dividend

New Delhi: The Board of Directors of REC Limited, on Tuesday approved the unaudited standalone and consolidated financial results for the quarter and period ended December 31.

Owing to the improving asset quality and resolution of stressed assets, REC Limited recorded its highest ever quarterly profit of Rs 2,878 crore. As a result, the Earnings Per Share for the quarter ended December 31, 2022 stands at Rs 43.72 per share as against Rs 41.44 per share on September 30, 2022.

Aided by growth in profits, the Net Worth has grown to Rs 54,840 crore as on December 31, 2022, an increase of 3 percent QoQ.

The loan book has maintained its growth trajectory and has risen by 4 percent to Rs 4.11 lakh crore as at December 31, 2022. Signifying the improving asset quality, the net credit-impaired assets have reduced to 1.12 percent with Provision coverage Ratio of 69.11 percent on NPA assets, as on December 31, 2022.

The Capital Adequacy Ratio of the Company stands at a comfortable 25.00 percent as on December 31, 2022, implying ample opportunity to support future growth of business operations.

Continuing the tradition of rewarding its shareholders, the Board of Directors of the company have declared the 2nd interim dividend of Rs 3.25 per equity share and February 2023 has been fixed as record date for payment of the interim dividend. With this, the total Interim Dividend for the financial year 2022-23 is Rs 8.25 per equity share (on face value of Rs 10/- each).

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