REC posts highest ever quarterly revenue of Rs 3,773 crore in Q2FY24

State-owned energy sector finance firm REC Ltd posted its highest-ever quarterly revenue at Rs 3,773 crore in the course of the second quarter of fiscal 2023-24. Revenue elevated by 28 per cent in comparison with the corresponding interval of the monetary 12 months 2022-23.

The corporate stated in a public assertion that the rise in earnings was resulting from “improved asset high quality, elevated lending charges and efficient financing value administration.”

“Because of this, annualized EPS for the quarter ended September 30, 2023 accelerated to Rs 51.14 per share as in opposition to Rs 39.32 per share on September 30, 2022,” it stated. The corporate additionally stated that its internet price additionally rose by 18% to Rs 63,117 crore. Throughout Q2 FY24, REC’s mortgage e book grew by 20 per cent to succeed in Rs 4.74 trillion as in opposition to Rs 3.94 trillion as on September 30, 2022.

The Board of Administrators of the Firm has declared a second interim dividend of Rs 3.50 per fairness share (face worth of Rs 10 per share) and has set November 13, 2023 because the document date for cost of the second interim dividend. The corporate stated the whole interim dividend for FY24 is Rs 6.50 per share (on the face worth of Rs 10 per share).

“Indicating the numerous alternative to help future development, the Firm’s Capital Adequacy Ratio (CRAR) stands at a cushty 28.53% as on September 30, 2023,” the REC assertion stated.