SPV set to start work on new inter-state power transmission project in Maharashtra
The bidding process was carried out by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of public sector finance giant REC Limited.
Public sector Non-Banking Finance Company (NBFC), REC, on Tuesday registered its highest ever nine-month profit of Rs 10,003 crore.
As a result, the annualised Earnings Per Share (EPS) for the period ended 31st December 2023 accelerated to Rs 50.65 per share as against Rs 40.79 per share as at 31st December 2022.
Ministry of Power said the growth is due to the improved asset quality, increase in lending rates and effective management of Financing Cost.
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Aided by growth in profits, the net worth has grown to Rs 64,787 crores as on 31st December 2023, an increase of 18% YoY.
The loan book has maintained its growth trajectory and has increased by 21% to Rs 4.97 lakh crore as against Rs 4.11 lakh crores as at 31st December 2022. Signifying improving asset quality, the Net Credit-impaired assets have reduced to 0.82% from 1.12% as at 31st December 2022 with Provision Coverage Ratio of 70.41% on NPA assets, as at 31st December 2023.
Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 28.21% as on 31st December 2023.
In the nine months period of this fiscal, REC registered loan sanctions of Rs 3,25,941 crores against Rs 1,92,496 crores for last fiscal. It comprises 39% for the renewable sector.
Disbursements for this period were up at 104%, at Rs 1,22,089 crores against Rs 59,907 crores, up 104%.
The Interest Income on Loan Assets was up by 18% at Rs 33,490 crores, and net profit was Rs 10,003 crores.
The loan book of REC stands at Rs 4.74 Lakh Crore and Net Worth at Rs 63,117 crores on 30 September, 2023.
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