REC reports net profit of ₹4,016 cr in Q4 FY24

PATIALA: The Minister for Power and PWD Harbhajan Singh ETO, ordered a departmental inquiry to investigate the role of PSPCL employees including private companies/ persons regarding the attempt of tempering with coal samples at Guru Gobind Singh Super Thermal Plant Roop Nagar.

The minister said that anyone irrespective of position and post found involved in such activities will face a stern action and the government will not tolerate such activities.

He informed that and FIR was lodged against six persons on 22.03.2024 under section 457, 380 of IPC at Roop Nagar.

So far four individuals have been apprehended by the police in connection with the crime namely Piyush Kumar R/o Jhungia , Arvind Kumar R/o Jhungia, Varun Kumar R/o Phagwara & Pushpinder R/o Nuhon Colony.

The remaining two persons i.e. Kailash Kumar R/o Jhungia & Nakul Gupta R/o Delhi are yet to be apprehended.

MUMBAI: The Board of Directors of REC Ltd, on Tuesday approved the audited financial results for the quarter and year ended on March 31, 2024.

REC Ltd’s standalone net profit grew 34 per cent to Rs 4,016 crore in Q4 FY24 against Rs 3,001 crore in Q4FY23. The company’s revenue from operations rose 25 per cent to Rs 12,613 crore in FY24 March quarter against Rs 10,113 crores in Q4FY23.

The total income of the company grew 25 per cent to Rs 12,643 crore for Q4FY24 against Rs 10,124 crore in same period previous fiscal. The company’s net interest income in Q4FY24 rose 29 per cent to Rs 4,407 crore against Rs 3,409 crore in Q4FY23.

Total Comprehensive Income of the fiem rose 42 per cent to Rs 5,183 crore in Q4FY24 against Rs 3,645 crore in same quarter previous fiscal.

The net interest margin grew 31 bps to 3.60 per cent against 3.29 per cent. Company posted return on net worth of 24.06 per cent against 21.34 per cent, up 13 per cent.

Owing to the 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 Rs 14,019 crore in FY24. As a result, the Earnings Per Share (EPS) for the year ended 31st March 2024 accelerated by 27 per cent to Rs 53.11 per share as against Rs 41.85 per share as at 31st March 2023.

Aided by growth in profits, the Net Worth has grown to Rs 68,783 crores as on March 31, 2024, registering an increase of 19 per cent y-o-y.

The loan book has maintained its growth trajectory and has increased by 17 per cent to Rs 5.09 lakh crore as against Rs 4.35 lakh crores as on March 31, 2023. Signifying improving asset quality, the net creditimpaired assets as on March 31, 2024 have reduced to 0.86 per cent from 1.01 per cent as on March 31, 2023 with Provision Coverage Ratio of 68.45 per cent on NPA assets, as at March 31, 2024.

Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 25.82 per cent as on March 31, 2024.

Continuing with the tradition to reward its shareholders, the Board of Directors of the Company has declared the final dividend of Rs 5 per equity share (on face value of Rs 10/each) and the total dividend for FY24 is Rs 16 per equity share.