Public sector enterprise REC Ltd. reported standalone fourth-quarter web revenue grew 34% to ₹4,016 crore from the year-earlier interval, on the again of a 29% enhance in web curiosity earnings to ₹4,407 crore.
Revenue from operations for the quarter ended March 31, 2024 rose 25% to ₹12,613 crore from the year-earlier interval. Total earnings grew 25% to ₹ 12,643 crore.
For the monetary yr (FY24) the corporate reported a web revenue of ₹14,019 crore, up 27% from the earlier yr.
Net curiosity earnings rose 18% to ₹16,167 crore. Revenue from operations grew to ₹47,146 crore up 20% and whole earnings grew 20% to ₹47,214 crore from the earlier yr.
The board has declared a remaining dividend of ₹5 per fairness share (on face worth of ₹10 every) and the full dividend for FY24 is ₹16 per fairness share.
For the complete yr, the corporate had whole sanctions of ₹3,58,816 crore, up 34%, of which sanctions to renewable sector was ₹1,36,516 crore, up 533%. Disbursements had been to the tune of ₹1,61,462 crore, up 67% from the earlier yr.
“Owing to 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,” the corporate stated. As a consequence, the Earnings Per Share (EPS) for the yr ended March 31, 2024 accelerated by 27% to ₹53.11 per share as in opposition to ₹ 41.85 per share as on March 31, 2023, it added.
