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REC declares quarterly financial results for Q2 FY22

The Board of Directors of REC Limited have approved the unaudited standalone and consolidated financial results for Q2 FY22 on Friday
REC Ltd declares its quarterly financial results for Q2 FY22
REC Ltd declares its quarterly financial results for Q2 FY22

New Delhi: The Board of Directors of REC Limited have approved the unaudited standalone and consolidated financial results for the second quarter (Q2) of the financial year 2021-22 (FY22) on Friday.

Owing to the record income, effective cost management and resultant quarterly profit, the annualised earnings per share for the quarter ended September 30, 2021, increased to Rs 55.47 as against Rs 44.36 per share during the same quarter last year. Aided by growth in profits, the net worth has grown to Rs 47,767 crore as on September 30, an increase of 19 percent YoY.

The loan book has maintained its growth trajectory and has increased by 11 percent to Rs 3.87 lakh crore as at September 30, 2021. The increase in Loan Book coupled with asset resolutions and improved provision coverage ratio has enabled in reducing the Net Credit-impaired assets to 1.52 percent as on 30th September 2021. The provision coverage ratio against credit-impaired assets stands at 67.63 percent as of September 30, 2021.

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The capital adequacy ratio of the company stands at a comfortable 21.15 percent as of September 30, 2021, implying ample opportunity to support future growth.

Continuing with the tradition to reward its shareholders, in addition to the first interim dividend Rs 2.00 per equity shares, the board of directors of the company has declared a second interim dividend of Rs 2.50 per equity share and November 12, 2021 has been fixed as the record date for payment of interim dividend.

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