REC registers its highest-ever net profit of Rs 2,263 crore in Q3 FY21
Aided by the profits, the net worth of REC Limited as on December 31, 2020 has reached Rs 41,749 crore
REC's total revenue from operations also grew by 18 percent year-on-year to settle at Rs 9,042.13 crore in Q3 of FY21
New Delhi: With healthy operational performance during the quarter, REC Limited has clocked its all-time highest quarterly profit of Rs 2,263 crore during Q3 FY21, as against Rs 1,642 crore during Q3 FY20, which marks an increase of 38 percent. This translates to Earnings per Share (EPS) (non-annualised) of Rs 11.46 for the quarter ended December 31, 2020 as against Rs 8.32 per share during the same quarter last year. Aided by the profits, the net worth of REC Limited as on December 31, 2020 has reached Rs 41,749 crore with book value at Rs. 211 per share.
REC's total revenue from operations also grew by 18 percent to settle at Rs 9,042.13 crore in Q3 of FY21 as opposed to Rs 7,650.76 crore in the corresponding quarter of the previous financial year. The total income for the December quarter also rose by 18.21 percent year-on-year to Rs 9,047.02 crore as opposed to Rs 7,652.99 crore in the corresponding quarter of the previous financial year.
Loan book value at Rs 3.57 lakh crore by Q3-end
The loan book has grown from Rs 3.07 lakh crore as on December 31, 2019 to Rs 3.57 lakh crore as on December 31, 2020. The Capital Adequacy Ratio of REC has also improved sequentially to 19.27 percent as on December 31, 2020, which will aid the future growth for the company.
With no incremental slippages and sustained trend of resolutions, the net credit-impaired assets have reduced to 1.95 percent as on December 31, 2020 with the Provisioning Coverage Ratio inching higher to 61.87 percent.
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