Energy NBFC reports 27% increase in PAT for year ended 31 Mar 2024
REC Ltd says its loan-book has maintained growth trajectory and has increased by 17% on the year to Rs.5.09 lakh crores for the year ended 31 Mar 2024 as against Rs.4.35 lakh previously.
Owing to the improving asset quality and effective resolution of stressed assets, and resetting of the lending rates and effective management of finance cost, REC Ltd https://recindia.nic.in/ has been able to record its highest ever annual profit after tax of Rs.14,019 crores for the year ended 31 Mar 2024. It was up by 27% on Rs.14,019 crores of previous year.
Aided by growth in profits, the Net Worth has grown to Rs.68,783 crores as on 31 Mar, registering an increase of 19% YoY, the Ministry of Power said on 30 Apr 2024 on REC results.
Average cost of funds was 7.13%, a reduction by 15 basis points from 7.28% in the previous financial year.
Revenue from operations for the year was Rs.47,146 crores, up 20% on Rs.39,208 crores a year ago. Total income was also up by 20% on the year at Rs.47,214 crores from Rs.39,253 crores.
Signifying improving asset quality, the net credit-impaired assets as at 31 Mar 2024 have reduced to 0.86% from 1.01% as at 31 Mar 2023 with Provision Coverage Ratio of 68.45% on NPA assets, as at 31 Mar 2024.
Indicating the ample opportunity to support the future growth, Capital Adequacy Ratio (CRAR) of the company stands at a comfortable 25.82% as at 31 Mar 2024.
Market capitalization for the year under review was Rs.1,18,757 crore vs. Rs.30,400 a year ago, up 290%.
Operational and Financial Highlights: 12M FY24 vs 12M FY23 (Standalone):
Total sanctions: Rs.358,816 crores vs. Rs.2,68,461 crores, up 34%, of which sanctions to renewable sector: Rs.136,516 crores vs. Rs.21,554 crores, up 533%.
Renewable sanctions comprise:
Solar: https://www.isolaralliance.org/ Rs.20,956 crores vs. Rs.9,301 crores
Module manufacturing: Rs.21,565 crores vs. Nil
Large Hydro: https://www.hydroindia.net/ Rs.32,450 crores vs. Rs.682 crores
Pumped Storage: Rs.28,304 crores vs. Rs.6,075 crores
Green Hydrogen: https://pnwh2.com/ Rs.7,997 crores vs. Nil
E-Mobility: Rs.7,214 crores vs. Rs.2,429 crores
Wind turbine manufacturing: Rs.3,195 crores vs. Nil
Wind: https://www.windenergy-asia.com/zh-tw/index.html Rs.3,453 crores vs. Rs.2,436 crores
Hybrid: Rs.10,098 crores vs. Rs.220 crores
Others: Rs.1,284 crores vs. Rs.411 crores
Disbursements: Rs.1,61,462 crores vs. Rs.96,846 crores, up 67%. Fiinews.com
