REC Limited, a Maharatna Central Public Sector Enterprise and prominent NBFC under the Ministry of Power, has reported its audited standalone and consolidated financial results for the quarter and year ending March 31, 2024. Notably, the company achieved its highest-ever annual net profit of ₹14,019 crores, marking a remarkable 27% increase compared to the previous fiscal year. This growth was fueled by improved asset quality, effective resolution of stressed assets, and prudent management of finance costs.
Q4 FY24 witnessed a substantial growth in revenue from operations, totaling ₹12,613 crores, up by 25% compared to Q4 FY23.
Total sanctions for the fiscal year surged by 34% to ₹3,58,816 crores, with significant investments directed towards the renewable sector, marking a remarkable 533% increase.
REC Limited's market capitalization rose substantially to ₹1,18,757 crore, up by 290%.
In line with its commitment to shareholder value, the Board of Directors has declared a final dividend of ₹5 per equity share, with the total dividend for FY 2023-24 amounting to ₹16 per equity share.
With a growing loan book, improving asset quality, and a comfortable Capital Adequacy Ratio of 25.82%, REC Limited remains well-positioned for sustained growth in the future.
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